PVG Asset Management Corp Trims Stock Position in Fortress Biotech, Inc. $FBIO

PVG Asset Management Corp lowered its position in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) by 77.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 73,141 shares of the biopharmaceutical company’s stock after selling 248,820 shares during the quarter. PVG Asset Management Corp’s holdings in Fortress Biotech were worth $270,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of FBIO. Bank of America Corp DE boosted its stake in shares of Fortress Biotech by 923.3% in the third quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock valued at $26,000 after buying an additional 6,426 shares in the last quarter. Abacus Planning Group Inc. acquired a new stake in Fortress Biotech in the third quarter valued at $54,000. Scientech Research LLC acquired a new stake in Fortress Biotech in the third quarter valued at $67,000. XTX Topco Ltd purchased a new stake in shares of Fortress Biotech during the 2nd quarter worth $42,000. Finally, Osaic Holdings Inc. grew its stake in shares of Fortress Biotech by 18.4% during the 2nd quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 5,034 shares during the period. 96.51% of the stock is owned by institutional investors and hedge funds.

Fortress Biotech Trading Up 1.3%

Shares of FBIO stock opened at $3.16 on Thursday. The stock has a market cap of $98.09 million, a P/E ratio of -17.56 and a beta of 1.38. The company has a quick ratio of 1.97, a current ratio of 2.19 and a debt-to-equity ratio of 0.73. Fortress Biotech, Inc. has a fifty-two week low of $1.33 and a fifty-two week high of $4.53. The business has a fifty day simple moving average of $3.43 and a 200-day simple moving average of $3.21.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FBIO. HC Wainwright reiterated a “buy” rating and issued a $17.00 price target on shares of Fortress Biotech in a report on Monday, February 23rd. Zacks Research downgraded shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a report on Monday. Wall Street Zen upgraded shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research report on Sunday, November 23rd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Fortress Biotech currently has an average rating of “Hold” and an average target price of $17.00.

Fortress Biotech Company Profile

Fortress Biotech, Inc is a clinical‐stage biopharmaceutical company focused on acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Headquartered in New York, the company operates through a network of majority‐owned subsidiaries that target areas of high unmet medical need, including oncology, rare diseases and dermatology. Fortress Biotech’s business model emphasizes in‐licensing or acquiring promising drug candidates and coordinating their development through specialized affiliate companies, allowing for flexible capital allocation and focused management of individual programs.

Through its portfolio of subsidiaries, Fortress Biotech advances a diversified pipeline spanning small molecules, biologics and cell therapies.