PVG Asset Management Corp Invests $266,000 in Fortress Biotech, Inc. (NASDAQ:FBIO)

PVG Asset Management Corp acquired a new stake in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 155,675 shares of the biopharmaceutical company’s stock, valued at approximately $266,000. Fortress Biotech makes up about 1.1% of PVG Asset Management Corp’s investment portfolio, making the stock its 24th largest position. PVG Asset Management Corp owned about 0.76% of Fortress Biotech at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new position in Fortress Biotech in the first quarter valued at about $31,000. 180 Wealth Advisors LLC acquired a new stake in shares of Fortress Biotech during the 2nd quarter valued at about $107,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Fortress Biotech in the 2nd quarter valued at approximately $207,000. Acadian Asset Management LLC grew its stake in shares of Fortress Biotech by 124.3% in the 1st quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock valued at $582,000 after buying an additional 161,870 shares in the last quarter. Finally, Armistice Capital LLC acquired a new position in Fortress Biotech in the fourth quarter worth approximately $1,794,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Fortress Biotech Trading Down 3.0 %

NASDAQ:FBIO opened at $1.45 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 38.42. The company’s 50 day moving average is $1.90 and its 200-day moving average is $1.87. The firm has a market cap of $29.50 million, a price-to-earnings ratio of -0.24 and a beta of 1.81. Fortress Biotech, Inc. has a 12 month low of $1.24 and a 12 month high of $5.25.

Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.32) by $0.59. The business had revenue of $14.90 million during the quarter, compared to analyst estimates of $14.97 million. Equities analysts anticipate that Fortress Biotech, Inc. will post -2.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on FBIO. StockNews.com raised shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research report on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $24.00 price objective on shares of Fortress Biotech in a report on Friday, July 19th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Fortress Biotech in a report on Thursday, June 20th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Insider Transactions at Fortress Biotech

In other news, CEO Lindsay A. Md Rosenwald purchased 5,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were purchased at an average cost of $7.48 per share, for a total transaction of $37,400.00. Following the completion of the purchase, the chief executive officer now directly owns 127,500 shares of the company’s stock, valued at approximately $953,700. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Lindsay A. Md Rosenwald acquired 763,359 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were bought at an average cost of $1.84 per share, with a total value of $1,404,580.56. Following the completion of the acquisition, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Lindsay A. Md Rosenwald acquired 5,000 shares of the stock in a transaction dated Thursday, July 11th. The stock was bought at an average price of $7.48 per share, for a total transaction of $37,400.00. Following the completion of the purchase, the chief executive officer now owns 127,500 shares in the company, valued at approximately $953,700. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 773,859 shares of company stock worth $1,482,481. 33.40% of the stock is currently owned by company insiders.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino an oral minocycline drug for the treatment of moderate to severe acne; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Exelderm cream for antifungal intended for topical use; Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Amzeeq; Zilxi; and Accutane capsules for severe recalcitrant nodular acne.