Fortress Biotech (NASDAQ:FBIO) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Fortress Biotech, Inc. (NASDAQ:FBIO)’s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $2.49 and traded as high as $3.46. Fortress Biotech shares last traded at $3.32, with a volume of 2,409,265 shares.

Wall Street Analyst Weigh In

FBIO has been the subject of a number of recent analyst reports. HC Wainwright reduced their price target on shares of Fortress Biotech from $26.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, August 21st. Wall Street Zen raised Fortress Biotech from a “hold” rating to a “buy” rating in a report on Sunday, November 23rd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Fortress Biotech in a research report on Monday, December 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Fortress Biotech presently has a consensus rating of “Hold” and a consensus target price of $16.50.

Fortress Biotech Stock Performance

The company has a debt-to-equity ratio of 0.73, a current ratio of 2.19 and a quick ratio of 1.97. The company has a 50 day simple moving average of $2.71 and a 200-day simple moving average of $2.51. The firm has a market cap of $106.47 million, a PE ratio of -19.06 and a beta of 1.49.

Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings results on Friday, November 14th. The biopharmaceutical company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.54. Fortress Biotech had a net margin of 6.40% and a negative return on equity of 69.39%. The firm had revenue of $17.63 million for the quarter, compared to the consensus estimate of $21.02 million. As a group, equities research analysts anticipate that Fortress Biotech, Inc. will post -3.28 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FBIO. Bank of America Corp DE increased its holdings in shares of Fortress Biotech by 923.3% in the third quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 6,426 shares during the period. XTX Topco Ltd bought a new position in Fortress Biotech during the 2nd quarter worth approximately $42,000. Abacus Planning Group Inc. purchased a new position in Fortress Biotech in the 3rd quarter worth approximately $54,000. Osaic Holdings Inc. increased its stake in Fortress Biotech by 18.4% in the 2nd quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 5,034 shares during the period. Finally, Scientech Research LLC bought a new stake in Fortress Biotech in the third quarter valued at approximately $67,000. 96.51% of the stock is owned by institutional investors.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.