Short Interest in Fortress Biotech (NASDAQ:FBIO) Increases By 19.6%

Fortress Biotech (NASDAQ:FBIO) was the target of a large growth in short interest in July. As of July 31st, there was short interest totalling 1,461,200 shares, a growth of 19.6% from the June 30th total of 1,221,700 shares. Based on an average trading volume of 392,300 shares, the days-to-cover ratio is presently 3.7 days. Approximately 4.4% of the shares of the stock are short sold.

Several brokerages have recently commented on FBIO. Roth Capital began coverage on Fortress Biotech in a report on Monday, July 1st. They issued a “buy” rating and a $4.00 target price on the stock. HC Wainwright reissued a “buy” rating and issued a $11.00 target price on shares of Fortress Biotech in a report on Monday, May 13th. Zacks Investment Research downgraded Fortress Biotech from a “buy” rating to a “hold” rating in a report on Monday, July 15th. Finally, ValuEngine raised Fortress Biotech from a “hold” rating to a “buy” rating in a report on Thursday, August 1st.

Shares of FBIO traded down $0.07 on Thursday, hitting $1.51. The company’s stock had a trading volume of 5,766 shares, compared to its average volume of 293,694. The firm has a market capitalization of $111.15 million, a P/E ratio of -0.50 and a beta of 2.48. The company has a quick ratio of 2.78, a current ratio of 2.79 and a debt-to-equity ratio of 1.94. Fortress Biotech has a fifty-two week low of $0.49 and a fifty-two week high of $2.59. The business has a 50 day moving average price of $1.42.

Fortress Biotech (NASDAQ:FBIO) last announced its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.22. The business had revenue of $9.25 million during the quarter, compared to analyst estimates of $7.51 million. On average, research analysts predict that Fortress Biotech will post -1.29 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of FBIO. Two Sigma Investments LP lifted its holdings in Fortress Biotech by 96.5% during the 4th quarter. Two Sigma Investments LP now owns 30,954 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 15,200 shares in the last quarter. Candriam Luxembourg S.C.A. acquired a new position in Fortress Biotech during the 2nd quarter worth $34,000. Dowling & Yahnke LLC acquired a new position in Fortress Biotech during the 1st quarter worth $36,000. A.R.T. Advisors LLC acquired a new position in Fortress Biotech during the 2nd quarter worth $56,000. Finally, Morgan Stanley lifted its holdings in Fortress Biotech by 65.7% during the 2nd quarter. Morgan Stanley now owns 46,273 shares of the biopharmaceutical company’s stock worth $70,000 after buying an additional 18,351 shares in the last quarter. 12.90% of the stock is currently owned by hedge funds and other institutional investors.

About Fortress Biotech

Fortress Biotech, Inc develops and commercializes pharmaceutical and biotechnology products. The company develops CNDO-109, a lysate that treats cancer-related and other conditions; tramadol HCl for managing postoperative pain; CAEL-101 for the treatment of amyloid light chain amyloidosis; and CEVA101 for severe traumatic brain injury in children and adults in the United States.

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