Fortress Biotech (NasdaqCM:FBIO) - Share price, News & Analysis

FBIO fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	5/6
Past Performance	0/6
Financial Health	5/6
Dividends	0/6

FBIO Stock Overview

Fortress Biotech, Inc., a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products.

Rewards

Earnings are forecast to grow 65.39% per year

Trading below our calculated fair Price-To-Sales ratio

Risk Analysis

Volatile share price over the past 3 months

Shareholders have been diluted in the past year

Does not have a meaningful market cap ($92M)

Fortress Biotech Competitors

XBiotech

NasdaqGS:XBIT

US$108.4m

Orchard Therapeutics

NasdaqCM:ORTX

US$62.6m

Homology Medicines

NasdaqGS:FIXX

US$92.4m

CytomX Therapeutics

NasdaqGS:CTMX

US$95.6m

Price History & Performance

Summary of all time highs, changes and price drops for Fortress Biotech
Historical stock prices
Current Share Price	US$0.85
52 Week High	US$3.69
52 Week Low	US$0.75
Beta	1.99
1 Month Change	-20.22%
3 Month Change	2.47%
1 Year Change	-72.47%
3 Year Change	-36.30%
5 Year Change	-81.92%
Change since IPO	-92.24%

Recent News & Updates

Aug 11

Fortress to get NIH funding for trial of Triplex vaccine to prevent CMV in liver transplant patients

Fortress Biotech (NASDAQ:FBIO) said that its cytomegalovirus (CMV) vaccine Triplex received a grant from the National Institute of Allergy and Infectious Diseases (NIAID) which could provide over $20M in non-dilutive funding. The award by NIAID, part of the National Institutes of Health (NIH) will fund a phase 2 trial of Triplex — being developed by Fortress' unit Helocyte — for control of CMV in patients undergoing liver transplantation. CMV is a common virus which is asymptomatic in healthy individuals, but can cause infection in pregnant women who then can pass the virus to their babies. CMV can be severe and life-threatening for those with weakened immune systems and those undergoing cell and solid organ transplant. Helocyte secured an exclusive worldwide license to Triplex in 2015 from City of Hope, the developer of the vaccine. Helocyte's other CMV vaccine ConVax is aimed to prevent transmission of CMV, particularly from mother to fetus, Fortress noted.

Jul 22

David Jin is the new finance chief of Fortress Biotech

Fortress Biotech (NASDAQ:FBIO) appoints David Jin as CFO succeeding Robyn Hunter, effective August 16, 2022 and will also continue to serve as Head of Corporate Development. Ms. Hunter will step down from the company after 11 years with the company to pursue external opportunities. Mr. Jin has been a core member of the Fortress team since joining in 2020 and also serves as Interim Chief Executive Officer and Chief Financial Officer of Avenue Therapeutics (ATXI), a Fortress partner company.

Shareholder Returns

	FBIO	US Biotechs	US Market
7D	9.4%	0.4%	-2.5%
1Y	-72.5%	-25.6%	-23.2%

Return vs Industry: FBIO underperformed the US Biotechs industry which returned -25.6% over the past year.

Return vs Market: FBIO underperformed the US Market which returned -23.2% over the past year.

Price Volatility

Is FBIO's price volatile compared to industry and market?
FBIO volatility
FBIO Average Weekly Movement	11.1%
Biotechs Industry Average Movement	11.1%
Market Average Movement	6.8%
10% most volatile stocks in US Market	15.5%
10% least volatile stocks in US Market	2.8%

Stable Share Price: FBIO is more volatile than 75% of US stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: FBIO's weekly volatility (11%) has been stable over the past year, but is still higher than 75% of US stocks.

About the Company

Founded	Employees	CEO	Website
2006	173	Lindsay Rosenwald	https://www.fortressbiotech.com

Fortress Biotech, Inc., a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino capsules to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris; Targadox for severe acne; Exelderm cream for ringworm and jock itch symptoms; Ceracade for dry skin conditions; Luxamend for dressing and managing wounds; and Accutane capsules for severe recalcitrant nodular acne. It also develops late stage product candidates, such as intravenous Tramadol for the treatment of post-operative acute pain; CUTX-101, an injection for the treatment of Menkes disease; MB-107 and MB-207 for the treatment of X-linked severe combined immunodeficiency; Cosibelimab for metastatic cancers; CK-101 for the treatment of patients with EGFR mutation-positive NSCLC; CAEL-101 for the treatment of amyloid light chain amyloidosis; Triplex vaccine for cytomegalovirus; and CEVA101 for the treatment of severe traumatic brain injury in adults and children.

Fortress Biotech Fundamentals Summary

How do Fortress Biotech's earnings and revenue compare to its market cap?
FBIO fundamental statistics
Market Cap	US$91.96m
Earnings (TTM)	-US$89.46m
Revenue (TTM)	US$82.17m

1.1x

P/S Ratio

-1.0x

P/E Ratio

Is FBIO overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
FBIO income statement (TTM)
Revenue	US$82.17m
Cost of Revenue	US$148.19m
Gross Profit	-US$66.02m
Other Expenses	US$23.44m
Earnings	-US$89.46m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.83
Gross Margin	-80.34%
Net Profit Margin	-108.87%
Debt/Equity Ratio	65.6%

How did FBIO perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is FBIO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FBIO?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for FBIO. This is calculated by dividing FBIO's market cap by their current preferred multiple.
What is FBIO's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$91.96m

FBIO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.4x
Enterprise Value/EBITDA	-0.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does FBIO's PS Ratio compare to its peers?

FBIO PS Ratio vs Peers

The above table shows the PS ratio for FBIO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	9.6x
XBIT XBiotech	9.8x	n/a	US$108.4m
ORTX Orchard Therapeutics	5.4x	44.3%	US$62.6m
FIXX Homology Medicines	21.9x	71.6%	US$92.4m
CTMX CytomX Therapeutics	1.4x	-5.9%	US$95.6m
FBIO Fortress Biotech	1.1x	36.6%	US$92.7m

Price-To-Sales vs Peers: FBIO is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (9.6x).

Price to Earnings Ratio vs Industry

How does FBIO's PE Ratio compare vs other companies in the US Biotechs Industry?

Price-To-Sales vs Industry: FBIO is good value based on its Price-To-Sales Ratio (1.1x) compared to the US Biotechs industry average (13.2x)

Price to Sales Ratio vs Fair Ratio

What is FBIO's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FBIO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	1.5x

Price-To-Sales vs Fair Ratio: FBIO is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).

Share Price vs Fair Value

What is the Fair Price of FBIO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate FBIO's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate FBIO's fair value for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Future Growth

How is Fortress Biotech forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

65.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: FBIO is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: FBIO is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: FBIO is expected to become profitable in the next 3 years.

Revenue vs Market: FBIO's revenue (36.6% per year) is forecast to grow faster than the US market (7.7% per year).

High Growth Revenue: FBIO's revenue (36.6% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if FBIO's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Fortress Biotech performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

3.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FBIO is currently unprofitable.

Growing Profit Margin: FBIO is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: FBIO is unprofitable, but has reduced losses over the past 5 years at a rate of 3% per year.

Accelerating Growth: Unable to compare FBIO's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: FBIO is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (29.2%).

Return on Equity

High ROE: FBIO has a negative Return on Equity (-147.44%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Fortress Biotech's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: FBIO's short term assets ($299.0M) exceed its short term liabilities ($104.9M).

Long Term Liabilities: FBIO's short term assets ($299.0M) exceed its long term liabilities ($111.3M).

Debt to Equity History and Analysis

Debt Level: FBIO has more cash than its total debt.

Reducing Debt: FBIO's debt to equity ratio has increased from 31.4% to 65.6% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: FBIO has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: FBIO has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of 15% each year.

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Dividend

What is Fortress Biotech current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

Dividend Yield vs Market

Fortress Biotech Dividend Yield vs Market

How does Fortress Biotech dividend yield compare to the market?
Segment	Dividend Yield
Company (Fortress Biotech)	n/a
Market Bottom 25% (US)	1.7%
Market Top 25% (US)	4.7%
Industry Average (Biotechs)	2.8%
Analyst forecast in 3 Years (Fortress Biotech)	n/a

Notable Dividend: Unable to evaluate FBIO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate FBIO's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if FBIO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FBIO's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as FBIO has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

8.7yrs

Average management tenure

CEO

Lindsay Rosenwald (67 yo)

13yrs

Tenure

US$3,358,829

Compensation

Dr. Lindsay Allan Rosenwald, M.D., serves as Director at Caelum Biosciences, Inc. He serves as an Executive Chairman of Journey Medical Corporation since October 2014. He serves as an Executive Chairman of...

CEO Compensation Analysis

Lindsay Rosenwald's Compensation vs Fortress Biotech Earnings

How has Lindsay Rosenwald's remuneration changed compared to Fortress Biotech's earnings?
Date	Total Comp.	Salary	Company Earnings
Jun 30 2022	n/a	n/a	-US$89m
Mar 31 2022	n/a	n/a	-US$72m
Dec 31 2021	US$3m	US$60k	-US$65m
Sep 30 2021	n/a	n/a	-US$38m
Jun 30 2021	n/a	n/a	-US$33m
Mar 31 2021	n/a	n/a	-US$43m
Dec 31 2020	US$3m	US$59k	-US$47m
Sep 30 2020	n/a	n/a	-US$57m
Jun 30 2020	n/a	n/a	-US$54m
Mar 31 2020	n/a	n/a	-US$54m
Dec 31 2019	US$1m	US$32k	-US$40m
Sep 30 2019	n/a	n/a	-US$45m
Jun 30 2019	n/a	n/a	-US$51m
Mar 31 2019	n/a	n/a	-US$53m
Dec 31 2018	US$2m	US$31k	-US$73m
Sep 30 2018	n/a	n/a	-US$61m
Jun 30 2018	n/a	n/a	-US$69m
Mar 31 2018	n/a	n/a	-US$72m
Dec 31 2017	US$2m	US$31k	-US$65m
Sep 30 2017	n/a	n/a	-US$74m
Jun 30 2017	n/a	n/a	-US$60m
Mar 31 2017	n/a	n/a	-US$55m
Dec 31 2016	US$2m	US$30k	-US$55m
Sep 30 2016	n/a	n/a	-US$50m
Jun 30 2016	n/a	n/a	-US$55m
Mar 31 2016	n/a	n/a	-US$49m
Dec 31 2015	US$3m	US$28k	-US$48m

Compensation vs Market: Lindsay's total compensation ($USD3.36M) is above average for companies of similar size in the US market ($USD781.86K).

Compensation vs Earnings: Lindsay's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: FBIO's management team is seasoned and experienced (8.7 years average tenure).

Board Members

Experienced Board: FBIO's board of directors are considered experienced (8.7 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

NasdaqCM:FBIO Recent Insider Transactions by Companies or Individuals
Date	Value	Name	Entity	Role	Shares	Max Price
28 Dec 21	SellUS$12,250	Dov Klein	Individual		5,000	US$2.45

Ownership Breakdown

What is the ownership structure of FBIO?
Owner Type	Number of Shares	Ownership Percentage
Hedge Funds	8,758,648	8.1%
Institutions	25,148,093	23.3%
Individual Insiders	28,270,092	26.2%
General Public	45,557,988	42.3%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 10.5%.

Top Shareholders

Top 25 shareholders own 55.17% of the company

Ownership	Name	Shares	Current Value	Change %	Portfolio %
11.45%	Michael Weiss	12,335,136	$10.5m	0%	no data
11.36%	Lindsay Rosenwald	12,236,285	$10.4m	0%	no data
8.13%	Nantahala Capital Management, LLC	8,758,648	$7.5m	-0.95%	0.68%
4.76%	The Vanguard Group, Inc.	5,131,708	$4.4m	-9.57%	no data
3.1%	Tang Capital Management, LLC	3,342,801	$2.9m	42.25%	0.41%
3.01%	Opaleye Management Inc.	3,247,180	$2.8m	-13.41%	1.08%
1.6%	Medical Strategy GmbH, Asset Management Arm	1,724,242	$1.5m	3.23%	0.1%
1.31%	BlackRock, Inc.	1,415,830	$1.2m	-69.99%	no data
1.15%	J. Lobell	1,236,000	$1.1m	0%	no data
0.91%	Oasis Management Company Ltd.	985,222	$841.0k	0%	0.07%
0.81%	Millennium Management LLC	876,193	$747.9k	569.93%	no data
0.74%	Shikiar Asset Management Inc.	800,000	$682.9k	11.46%	0.3%
0.73%	CPWM, LLC	781,767	$667.3k	18.04%	0.06%
0.71%	Perkins Capital Management, Inc.	760,992	$649.6k	640.23%	0.75%
0.69%	Paramount BioSciences, LLC	742,861	$634.1k	0%	100%
0.67%	Eric Rowinsky	720,000	$614.6k	0%	no data
0.63%	Acadian Asset Management LLC	680,563	$580.9k	60.25%	no data
0.63%	Geode Capital Management, LLC	677,518	$578.3k	-46.74%	no data
0.61%	George Avgerinos	655,170	$559.3k	0%	no data
0.52%	Renaissance Technologies LLC	565,100	$482.4k	-48.69%	no data
0.52%	Foord Asset Management (Guernsey) Limited	558,000	$476.3k	0%	0.04%
0.32%	Ergoteles LLC	344,300	$293.9k	0%	0.01%
0.29%	State Street Global Advisors, Inc.	316,377	$270.1k	-75.53%	no data
0.25%	Kevin Lorenz	274,572	$234.4k	0%	no data
0.25%	Kevin Lorenz	274,572	$234.4k	0%	no data

Ticker	Exchange	Primary Security	Security Type	Country	Currency	Listed on
FBIO	NasdaqCM (Nasdaq Capital Market)	Yes	Common Stock	US	USD	Nov 2011
CNB	DB (Deutsche Boerse AG)	Yes	Common Stock	DE	EUR	Nov 2011
FBIO.P	NasdaqCM (Nasdaq Capital Market)		9.375% CUM RED PER PREF SER A USD25.00	US	USD	Nov 2017
CNB0	DB (Deutsche Boerse AG)		9.375% CUM RED PER PREF SER A USD25.00	DE	EUR	Nov 2017

Data	Last Updated (UTC time)
Company Analysis	2022/10/03 00:00
End of Day Share Price	2022/10/03 00:00
Earnings	2022/06/30
Annual Earnings	2021/12/31