NEW YORK (AP) _ Fortress Biotech Inc. (FBIO) on Sunday reported a loss of $8.8 million in its first quarter.
The New York-based company said it had a loss of 11 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.
The biopharmaceutical company posted revenue of $11.6 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $13.5 million.
The company's shares closed at $3.68. A year ago, they were trading at $2.57.
The Associated Press