Guru Paul Singer (Trades, Portfolio), who founded Elliot Management in 1977, sold more than one-third of his stake in Fortess Biotech Inc (FBIO, Financial), a biopharmaceutical company with offices in New York and Massachusetts, on July 17. That was the day the company announced that its subsidiary, Altamira Bio, attained a license to develop the treatment of hyposialylation disorders.
The transaction had a -0.05% impact on Singer's portfolio.
Fortress Biotech, formerly Coronado Biosciences, Inc., is involved in the development of treatments for autoimmune diseases and cancer.
Previously, Singer’s stake in Fortress Biotech was his 19th-largest by volume; his sale of 1,305,948 shares for an average price of $3.33 per share dropped his stake to 25th by volume in his portfolio.
The company’s shares have lost 7.69% in the last week and dropped 0.85% in the last month. Consequently, many analysts have been advising investors to buy shares of Fortress Biotech, which fell to its one-year low last August ($1.45) and rebounded to register its one-year high in March ($5.35). Fortress Biotech’s 50-day moving average is $3.45 and its 200-day moving average is $3.17.
Fortress Biotech has a market cap of $161.06 million and an enterprise value of $116.16 million. It has a Price/Book of 2.7 and a Price/Sales of 344. Chuck Royce (Trades, Portfolio) also has shares of Fortress Biotech in his portfolio.
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