TW's Take: another significant positive for Fortress, which owns 72% of Cyprium. They also qualify for a Priority Review Voucher, worth roughly $100M. NIH does get 25% of that, but still very significant value for FBIO if approved, which...
TW's Take: This provides Fortress with over $60 million in immediate cash and potentially close to another $150 million in milestones. That's around 60% of the current market cap so expect to see gains somewhere in the range of...
While the bankers and fund managers are heading out to the Hamptons for vacation, micro-cap earnings season kicked in last week and news flow in general seems to be picking up. I've been saying that the 2nd half of...
With the S&P 500 hitting new highs recently, continuing the rally from last March's lows, we are all having a great time, right? Uhhh, maybe not. The last nine months of 2020, and first two of this year, are fading...
To steal a line from Charles Dickens, "It was the best of times. It was the worst of times. Then it was pretty darn good again." And now we have reviewed the first six months of 2021 and can...
TW's Take: Journey continues to expand and is an underappreciated, cash-flow generating, piece of the Fortress puzzle. NEW YORK and SCOTTSDALE, Ariz., June 30, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (“Journey Medical”), a partner company of Fortress Biotech, Inc....
It was another great week for TW as the pendulum appears to be swinging full speed in our direction. This while the overall market continues to push to new highs and all eyes remain fixated on the Fed, inflation,...
TW's Take: this data just reinforces that Alexion will move forward with their purchase. With Alexion set to be acquired later this year themselves, that will start a 6 month clock to close with Caelum. Fortress stands to be...
TW's Take: the safety and efficacy data are excellent. Looking forward to the KOL call next week for additional details. WORCESTER, Mass., June 11, 2021 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on...
TW's Take: this is a high risk trial with a very large potential reward if successful.  WORCESTER, Mass. and DUARTE, Calif., May 18, 2021 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating...
TW's Take: Disappointing sales from their Journey dermatology division however other programs continue to move forward and Fortress' sum of the parts remains much greater than its current valuation.  NEW YORK, May 16, 2021 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc....
This past week saw yet another ugly market for micro-caps as the whole investment community seems to be increasingly worried about inflation and interest rates. Between this and the fact that there was no gas at the pumps in...
TW's Take: Cosibelimab has the potential to be a very big drug in the PD-(L)1 space with best in class safety and better pricing than competitors. Data this Q4, approval sometime around year-end 2022. NEW YORK, May 12, 2021 (GLOBE...
TW's Take: This drug is a good fit for FBIO and potentially a massive home run if efficacy can be shown in Chronic Kidney Disease. NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress” or...
There are times when stock picking isn't the most important part of your investment strategy. When all that matters is being in the right sector of the market. At those times, traders are looking great and investors, those of...
Last week I wrote about INmune Bio (INMB). In that piece, In Defense of INmune, I discussed the increasing spread between perception of what's going at INmune versus the reality. On Friday it seems someone noticed as the stock...
TW's Take: on the surface a nice positive, adding a $24M product to the portfolio. Look forward to understanding the terms of this transaction more and what it means for cash flow generation. SCOTTSDALE, Ariz. and NEW YORK, April 01,...
TW's Take: this is a coming out party of sorts for Aevitas, another partner company in Fortress' stable. The "alternative complement pathway" space is hot and dry AMD is a potentially massive market. Another quality shot on goal for...
TW's Take: $20M into the coffers of Fortress Bio (FBIO) along with a PRV worth around $100M by the summer of 2023 is great news. Fortress has many balls in the air and this is a great example of...
TW's Take: nice to have the clinical hold removed, allowing this program to proceed. MBIO is a compelling valuation (thanks to PRVs) in biotech, which is certainly an oddity in this space. We continue to believe it has tremendous...
What a crazy way to end a wild month, huh? As GameStop (GME) continued to rally in the face of shorts, Robin Hood required a bailout and individual investors rejoiced in their apparent obliteration of several hedge funds. The carnage...
They say the best presents come in small packages, right? Well, Santa is delivering this year in a big way. And, the best gifts he's giving investors are in the smallest stocks. We are in the middle of a...
TW's Take: while this trial likely has a low-probability of success, if it does work it could be game changing for MBIO and also for patients suffering from the deadly disease. Mustang is a partner company of Fortress Bio...
This week saw a continued rally in the market with smaller stocks continuing their outperformance. It has been an impressive run and looks likely, as I mentioned last week, to continue until we get a stimulus package. At that...
TW's Take: excellent news that Avenue is moving forward so quickly. Remains to be seen what the timeline is to FDA approval and what the new label looks like. Lots of questions, but this is definitely positive forward progress. NEW...
TW's Take: rolling submission and breakthrough designation are great pieces of news for FBIO's partner company. Approval expected next year. NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative revenue-generating company focused on...
WORCESTER, Mass., Dec. 07, 2020 (GLOBE NEWSWIRE) --  Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic...
That certainly was a crazy week. The news from our companies was positive, the news on the CoronaVirus was negative, volatility within our coverage universe continues to uptick and the small cap rally doesn't want to end. It all...
November was truly a month to remember for the markets. The best month in over 40 years for the Russell 2000 saw that index climb a whopping 18%. This outpaced the S&P and Nasdaq as smaller companies are really...
The market's rally, especially in small-cap, continued this past week and Tailwinds' stocks participated along with the broader indexes. In particular, performance of our portfolio was led by Anixa (ANIX) on the back of their long-awaited news of an...
Tailwinds' Take: Mustang continues to march towards successfully obtaining approval for their novel drugs. We believe MBIO is deeply discounted relative to the value of their current programs and their manufacturing platform. Mustang is a Fortress Bio (FBIO) partner...
Tailwinds' Take: planned expansion into Europe is a positive for this program. We continue to be very supportive of MBIO heading into their data being presented at ASH in two weeks. Mustang is a partner of Fortress Bio (FBIO). WORCESTER,...
Tailwinds' Take: very positive results for a drug that could be equally efficacious and lower cost in a $10B market. A Fortress Bio (FBIO) partner company. NEW YORK, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (NASDAQ: CKPT),...
What do Donald Trump and I have in common? We are both in the process of moving... This week we found out that Joe Biden will become the next president of the US. Simultaneously, the Mr. and Mrs. Carlson jumped...
Tailwinds' Take: very positive that ASH has accepted this data. Two patients with complete response out of four is excellent data. MBIO stock is very cheap at this price. I'd remind investors that the CEO invested $500,000 in the...
Tailwinds' Take: positive early stage results in one patient bode well for this novel solid-tumor CAR-T treatment. Success here could be worth several billions for MBIO and partner company Fortress Bio (FBIO). WORCESTER, Mass., Oct. 26, 2020 (GLOBE NEWSWIRE) --...
Small and micro-cap stocks have underperformed the market for quite a while now. Since I started Tailwinds in August of 2016, the Russell 2000 has underperformed the S&P 500 every year. The cumulative effect is a total return of...
Tailwinds' Take: very negative news for ATXI and parent company FBIO. Delayed onset of action had been a concern that was downplayed by management. One can never assume the FDA is a slam dunk. NEW YORK, Oct. 12, 2020 (GLOBE...
Having written a newsletter for almost 200 consecutive weeks, I didn't want to miss this week. But, I am mountain biking in Moab Utah, beat to heck from the trails and possibly a little hungover from the 5% beer....
Tailwinds' Take: this is exciting news for MBIO. City of Hope controls the data and their decision to release it implies positive data. Mustang Bio is a very underappreciated partner of FBIO, which owns approximately 30% of the Company. WORCESTER,...
Like the debate, 2020 has been a sh**-show. Pandemics, political divisiveness, fires...it's not been a beach party to say the least. Yet, here we stand at the end of Q3 with the S&P having climbed 8.5% in the quarter and...
Tailwinds' Take: with their own manufacturing facility, MBIO has excellent potential in CAR T therapy development. This is a "momentous occasion" for the Company according to their CEO. WORCESTER, Mass., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”)...
Markets were very volatile this past week, trading back and forth like a game of ping-pong. There's little doubt in my mind that the pickup in volatility of the last few weeks will remain here through the election, if...
After fortuitously sheltering in place on the east coast for seven weeks, we are heading back for CA this week. We seem to have, very thankfully, missed the smoke and clear skies await. Now, if we can survive the...
Tailwinds' Take: very positive results for CKPT, which is a partner company of Fortress Bio (FBIO). This is a potentially disruptive drug for a very large market. NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (NASDAQ:...
Tailwinds' Take: long-term survival data supports the thesis for CAEL-101 demonstrating efficacy in phase 3, which would most likely trigger the acquisition by Alexion. This is a very important event and Fortress continues to create significant value for shareholders...
The easiest way to make money in the market is trading off of insider information. It is also highly illegal, will put you in jail and I really don't recommend it. It's effective in the short term, but truly...
Tailwinds' Take: more endorsement of a product whose PDUFA date (Oct. 10th) is rapidly approaching. We continue to believe IV Tramadol will get approval and like both Avenue (ATXI) and partner company Fortress Bio (FBIO) going into this news. NEW...
Tailwinds' Take: MBIO continues to execute on the regulatory pathway for their drugs. We continue to believe the stock is significantly undervalued. WORCESTER, Mass., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company...
Tailwinds' Take: the MBIO platform is greatly undervalued in our opinion. This gives them a second program with a rare pediatric disease designation. And, it means they have another drug with a potential Priority Review Voucher; if both PRVs...
Okay, I know it's not the official end of August...that takes place on Monday. However, due to the fact that the month is basically over and September will be close to a week over by the next newsletter, I'm...
Tailwinds' Take: the data strongly suggest that CUTX-101 should receive FDA approval sometime next year. Very positive for FBIO. NEW YORK, Aug. 28, 2020 (GLOBE NEWSWIRE) --  Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”), an innovative revenue-generating company focused on acquiring,...
Tailwinds' Take: this is very positive news as we believe this loan, coupled with the recent preferred financing, will allow FBIO to cease stock sales under their ATM, which has been an overhang on the stock. With several major...
Tailwinds' Take: this is good news in that the FDA obviously sees the benefit of this drug, but also in that they are now eligible for a priority review voucher, the value of which can be as high as...
Stocks continued to climb the proverbial wall of worry last week, with the S&P briefly managing to touch an all-time high and the Russell getting closer to positive territory for the year. Meanwhile, in a move that has many...
Tailwinds' Take: a must attend for investors interested in a diversified biotech with a deeply discounted valuation relative to the numerous major catalysts and opportunities in front of the Company. NEW YORK, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech,...
Tailwinds' Take: core derm business remains weak during Covid-19, but Fortress continues to execute in many other areas. Lots of catalysts coming up in the next few quarters. The balance of 2020 should be exciting for FBIO. NEW YORK, Aug....
Telehealth was the all the rage this past week. First The Centers for Medicare & Medicaid Services (CMS) is proposing changes to expand telehealth permanently, consistent with the Executive Order on Improving Rural and Telehealth Access that President Trump...
Tailwinds' Take: this data, if it continues to show the efficacy demonstrated in earlier interim results, could position CKPT for an BLA submission with a best-in-class therapeutic. Potentially very big catalyst for Checkpoint and also for its partner company...
There's certainly a lot going on in the world at large right now and none of it seems too good. Covid-19 refuses to go away, a cold war is developing with China and our government can't decide on another...
Tailwinds' Take: while not "new news", this provides further confidence in the odds of approval for IV Tramadol. Peer reviewed data also can help drive sales upon approval, which would help the value of the CVRs. We continue to...
With June closing out, we can now reflect on what was the best quarter the stock market has seen since the turn of the century. From the depths of despair to seeing the indexes recoup most if not all...
Perhaps it's because I've not seen the barber during the pandemic, but the market has me left me scratching my head. Some recent stock price movements are bizarre at best and often completely disconnected from reality. Case in point,...
Tailwinds' Take: I don't believe that Mustang could have had much better timing in getting this deal done. Fortress Bio (FBIO) is the largest holder of MBIO. WORCESTER, Mass., June 11, 2020 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ:...
Tailwinds' Take: these results are not at all unexpected, but they add further confirmation to the thesis that Avenue's IV Tramadol will be approved in October, resulting in the completion of their acquisition by Cipla. NEW YORK, June 05, 2020...
Moneyball: The Art of Winning an Unfair Game is a book by Michael Lewis about the Oakland Athletics baseball team and its general manager Billy Beane. The focus of the book is the team's analytical, evidence-based, sabermetric approach to fielding a competitive team despite having a small budget. In...
As if on cue, the market took a turn lower last week. This will be but a quick note on the market, as I'm not sure how much value I can add. That is, if you've read my newsletters...
Tailwinds' Take: Fortress has a whole host of catalysts coming during 2020, as detailed in this shareholder update. Importantly, by breaking out the non-GAAP numbers, a path to cash-flow positive is detailed. Once Journey resumes rapid growth (post-Covid), we...
The market continues to ignore my bearish calls and, instead, keeps chugging higher. I'm at a loss to explain this, as are most professional investors with whom I speak. Here in my home of Marin County, we expect restaurants...
Tailwinds' Take: this is another potential coup by Fortress, as their business model involves partnering on and developing novel therapies. Their ability to create value for shareholders while bringing new drugs to market presents investors with many potentially positive...
NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc. (“Checkpoint”) (NASDAQ: CKPT), a clinical-stage immunotherapy and targeted oncology company focused on the acquisition, development and commercialization of novel treatments for patients with solid tumor cancers, today announced...
Well, I've been expecting it and it appears that it's here. The market put up one of its best months ever in April, but starting on Thursday my anticipated end of the rally kicked off. I'm saying it here...
Tailwinds' Take: FBIO owns ~30% of Avenue. This news, while not unexpected, further cements the case for IV Tramadol being a well-used medication post approval. We expect the acquisition of ATXI to close this year and believe the Contingent...
Tailwinds' Take: a positive step towards approval of this needed therapy. Fortress Bio (FBIO), the parent of Mustang, has many such catalysts going forward and remains a top pick of Tailwinds. NEW YORK, April 20, 2020 (GLOBE NEWSWIRE) -- Mustang...
Another great week in the market. The economy is in free-fall, unemployment is skyrocketing and stocks can't stop going up. How is this possible? Well, as many savvy investors have repeated numerous times over the years, don't fight the...
My biggest concern last fall was, "what if Bernie gets into office?" This fear was driven partially by the fact that the market would likely sell off with the democratic socialist in charge, but more so by the concern...
In this, our third article about Fortress Biotech (FBIO), we discuss the value of two in-house subsidiaries, Journey Medical and Caelum BioSciences. Both entities have unique aspects which add considerably to the value of the parent company. Our prior two...
My Take on The Market This was a good week in the market, which was a welcome relief. We had a big bailout announced by the federal government and some estimates of how bad COVID19 could be came down a...
Normally I love my Saturday mornings. This is when I write the weekly newsletter and it gives me a chance to review the prior week in the market and look for meaningful insight into our companies and what investors...
Tailwinds' Take: 2019 was a very impressive year of accomplishment for FBIO. The stage is set for a big 2020 as well, with many catalysts coming. The balance sheet and earnings can be confusing due to consolidation of subsidiaries,...
Tailwinds' Take: with a pivotal trial ongoing, CKPT is another hidden gem in FBIO's vault. Funded through YE 2021 with hopes for BLA submission on Cosibelmab prior to then. NEW YORK, March 11, 2020 (GLOBE NEWSWIRE) -- Checkpoint Therapeutics, Inc....
Fortress Biotech (FBIO) has an interesting business model that involves an operating subsidiary focused on dermatology and multiple other partially owned subsidiaries that are independently managed and financed yet consolidated under their umbrella. Our first article on Fortress discussed...
Tailwinds' Take: very exciting news for FBIO's 1/3 owned subsidiary, Mustang Bio. Expect to see the street taking targets up for MBIO, which is just another reason to own Fortress. NEW YORK, Feb. 18, 2020 (GLOBE NEWSWIRE) -- Mustang Bio,...
Lots going on in Tailwinds' universe recently. Here I recap conversations and observations from the prior week's trading... This screen shot says it all...if Druck loves small cap, then I'm saying we're in the right space at the right time. HyreCar...
Tailwinds' Take: ATXI is one step closer to being acquired by Cipla. We believe FDA acceptance is a very likely outcome for IV Tramadol and continue to think that ATXI, and its parent FBIO, are not fully reflecting the...
On Thursday this week, as we finished dinner I looked out the window and the sky was on fire. It was quite possibly the most amazing sunset I've seen from our house and was a great way to end...
With a plethora of balls in the air, Fortress Biotech is a very difficult company to value. Their financials, being a combination of the multiple companies in which Fortress has a minority ownership yet a control position through their...
New Years always brings out the prognosticator in all of us. Everyone likes to predict what the market will do, what sectors will shine and their favorite stock for the coming 52 weeks. I'm no different, having given out...
Tailwinds' Take: Fortress' value add is in finding underdeveloped drugs that have excellent scientific research and bringing them through the FDA process and to market. With 25 different programs, Fortress has many shots on goal and the sum of...
Tailwinds' Take: the many shots on goal under the FBIO umbrella is one of the most compelling aspects of the company. This is great news from CKPT, of which FBIO is a very large shareholder. The sum of the...
Tailwinds' Take: Journey is growing rapidly as they execute on the overall strategy of FBIO; licensing low-risk products and bringing them to market. This story is just in the early stages. SCOTTSDALE, Ariz., Jan. 13, 2020 (GLOBE NEWSWIRE) -- Journey...
What a difference a year makes. Christmas 2018 marked a time of anguish for investors. The market was in the toilet and, for us small cap investors, it was particularly painful. There seemed to be zero bids out there...
Tailwinds' Take: this deal demonstrates the effectiveness of FBIO's business model. They are accumulating a plethora of interesting drugs under their umbrella.  NEW YORK, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress”) today announced that Baergic...
DFC Advisory Services LLC (dba TW Research Group) is an investment adviser. We are also compensated for publishing information on certain companies. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.