HomeTop MoversHere is why Fortress Biotech Inc (FBIO) stock is surging on Thursday’s...

Here is why Fortress Biotech Inc (FBIO) stock is surging on Thursday’s pre-market?

Fortress Biotech Inc. (FBIO) shares were surging 9.35% on Thursday, October 14, 2021, pre-market to trade at $3.39. yesterday in the after-hours, FBIO’s stock gained 1.64% to close Wednesday’s session at $3.10. FBIO shares have risen 0.98% over the last 12 months, and they have moved up 5.44% in the past week. Over the past three months, the stock has lost 1.90%, while over the past six months, it has declined 30.18%.

Let’s have a look at its recent news and developments.


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FBIO Positive Clinical Data for CUTX-101

On October 13, 2021, Cyprium Therapeutics, Inc, a Fortress Biotech, Inc. (FBIO) partner company, with support from its licensing partner Sentynl Therapeutics, Inc. which is a wholly-owned subsidiary of Cadila Healthcare Limited announced positive results from an efficacy and safety analysis of data integrated from two completed pivotal studies in patients with Menkes disease treated with CUTX-101, copper histidinate (CuHis).

The company is going to present the positive findings as a virtual poster at the 2021 American Academy of Pediatrics National Conference & Exhibition.

FBIO update about Caelum Biosciences acquisition

On October 06, 2021, Fortress Biotech, Inc. (FBIO) announced the closing of AstraZeneca’s acquisition of Caelum, according to the Development, Option and Stock Purchase Agreement in place between Fortress, Caelum, AstraZeneca’s Alexion and the other parties thereto (as amended, the DOSPA).

AstraZeneca acquired Caelum for the agreed option exercise price of approximately $150 million. The fortress is eligible to receive approximately 43 per cent of all proceeds from the transaction.

FBIO participation in the recent investment conference

Fortress Biotech, Inc recently participated at the Benzinga Healthcare Small-Cap Conference, which was held on September 29-30, 2021. The company was presented by Lindsay A. Rosenwald, M.D., Chairman, President and Chief Executive Officer during the event.

FBIO also participated in Cantor Global Healthcare Conference which was held on Tuesday, September 28, 2021.

Earlier the company also took part at Oppenheimer Fall Healthcare Life Sciences & MedTech Summit, which was held on Monday, September 20, 2021.

FBIO recent financial results

On August 16, 2021, Fortress Biotech, Inc. (FBIO) announced financial results for the second quarter ended June 30, 2021.

Q2 2021 financial highlights

  • FBIO reported net revenue of $17.8 million for Q2 2021 compared to 9.5 million for the second quarter of 2020.
  • consolidated research and development expenses, on A GAAP basis, were $33.8 million in Q2 2021 compared to $17.3 million for the second quarter of 2020.
  • selling, general and administrative expenses were $19.4 million in Q2 2021, compared to $14.5 million for Q2 2020.
  • It suffered a GAAP net loss of $3.5 million, or $0.04 per share in Q2 2021 compared to a consolidated net loss of $13.3 million, or $0.19 per share for the second quarter of 2020.
  • The company had cash, cash equivalents and restricted cash totalled $276.6 million on June 30, 2021, compared to $235.0 million as of December 31, 2020

Conclusion

Well, as of this writing, we have one recent development that could be the reason behind its pre-market surge on Thursday.

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