Fortress Biotech Inc. (NASDAQ: FBIO) stock will be on focus this week after it surged 40% last week, hitting a new high on Friday.
The company has 28 product candidates on its pipeline in various development phases, from preclinical trials to third phase studies. So far, the company has six licensed treatments for dermatological disorders such as fungal skin infections, acne, burns, and surface wounds. Fortress’s partner, Journey Medical, sells drugs, which generated $44.5 million last year, a 28% YoY. The company had cash and equivalents of $235 million at the end of last year, a 53% YoY increase. Fortress expects to add two FDA-approved medicines to its product portfolio.
Already, the company is partnering with Sentinyl Therapeutics and Cyprium Therapeutics. The parties are collaborating on CUTX-101, which is in third phase studies for the treatment of Menkes disease. Fortress announced promising results last August and will start rolling out CUTX-101 NDA in 2H2021. Going forward, this is one stock to keep an eye on.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.