Shikiar Asset Management Inc. Raises Holdings in Fortress Biotech, Inc. (NASDAQ:FBIO)

Shikiar Asset Management Inc. increased its stake in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) by 4.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 235,969 shares of the biopharmaceutical company’s stock after purchasing an additional 10,000 shares during the period. Shikiar Asset Management Inc. owned 1.16% of Fortress Biotech worth $342,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FBIO. PVG Asset Management Corp acquired a new position in shares of Fortress Biotech in the fourth quarter worth $396,000. Acadian Asset Management LLC raised its stake in 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 purchasing an additional 161,870 shares during the last quarter. Virtu Financial LLC purchased a new position in Fortress Biotech in the 1st quarter valued at about $31,000. 180 Wealth Advisors LLC purchased a new position in Fortress Biotech in the 2nd quarter valued at about $107,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Fortress Biotech during the 2nd quarter worth about $207,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FBIO shares. HC Wainwright reissued a “buy” rating and set a $24.00 price objective on shares of Fortress Biotech in a research note on Friday, July 19th. Cantor Fitzgerald restated an “overweight” rating on shares of Fortress Biotech in a report on Thursday, June 20th. Finally, StockNews.com upgraded Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortress Biotech has an average rating of “Moderate Buy” and an average price target of $13.00.

Insider Activity

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was purchased at an average price of $1.84 per share, with a total value of $1,404,580.56. Following the transaction, the chief executive officer now owns 3,657,264 shares in the company, valued at $6,729,365.76. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 33.40% of the company’s stock.

Fortress Biotech Stock Performance

Shares of FBIO stock opened at $1.63 on Friday. The firm has a market capitalization of $33.27 million, a price-to-earnings ratio of -0.27 and a beta of 1.80. Fortress Biotech, Inc. has a one year low of $1.24 and a one year high of $4.43. The company has a 50 day moving average price of $1.78 and a 200 day moving average price of $1.84.

Fortress Biotech (NASDAQ:FBIO) last issued its earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($1.32) by $0.59. The firm had revenue of $14.90 million during the quarter, compared to analysts’ expectations of $14.97 million. As a group, equities analysts forecast that Fortress Biotech, Inc. will post -2.65 EPS for the current fiscal year.

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.