CDMOP - Fortress Biotech Preferred: Another Look At This Speculative 11.5% Yielder With More Cash Than Debt

Fortress Biotech (FBIO) has made significant progress since my 11/24/2018 article on the Fortress Biotech Inc. 9.375% Cum Conv Perp Red Pfd Registered Shs Series (FBIOP). Although FBIOP remains a speculative issue, it has appreciated in price from $17.58 to $20.00 since my last article, while paying a hefty quarterly dividend of 58.6 cents per share. Consolidated balance sheet cash has increased to $171 million and is now double consolidated debt. Over the last year FBIO has successfully closed major funding deals with larger pharmaceutical companies including CSL Behring, Invagen