Fortress Biotech (NASDAQ:FBIO) Stock Passes Above 200 Day Moving Average – Here’s Why

Fortress Biotech, Inc. (NASDAQ:FBIO)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.04 and traded as high as $3.15. Fortress Biotech shares last traded at $3.07, with a volume of 689,316 shares changing hands.

Analyst Ratings Changes

FBIO has been the subject of several recent research reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Fortress Biotech in a research report on Friday, March 27th. Wall Street Zen upgraded Fortress Biotech from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 24th. HC Wainwright reissued a “buy” rating and issued a $17.00 price objective on shares of Fortress Biotech in a report on Monday, February 23rd. Zacks Research downgraded Fortress Biotech from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. Finally, Citigroup reissued a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $17.00.

Fortress Biotech Stock Performance

The stock has a market cap of $99.33 million, a price-to-earnings ratio of 0.94 and a beta of 1.22. The business has a 50-day simple moving average of $2.54 and a two-hundred day simple moving average of $3.04. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.86 and a quick ratio of 2.77.

Fortress Biotech (NASDAQ:FBIO) last posted its earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.22) by $3.04. Fortress Biotech had a return on equity of 109.66% and a net margin of 193.12%.The business had revenue of $16.04 million for the quarter, compared to analyst estimates of $16.34 million. Equities analysts forecast that Fortress Biotech, Inc. will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortress Biotech

Institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd bought a new position in Fortress Biotech in the 4th quarter valued at about $53,000. Quadrature Capital Ltd bought a new stake in shares of Fortress Biotech during the fourth quarter worth approximately $180,000. Man Group plc acquired a new position in shares of Fortress Biotech in the fourth quarter valued at approximately $193,000. Panagora Asset Management Inc. grew its position in shares of Fortress Biotech by 56.9% in the fourth quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 20,556 shares during the last quarter. Finally, Scientech Research LLC bought a new position in shares of Fortress Biotech during the third quarter worth approximately $67,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

About Fortress Biotech

Fortress Biotech, Inc is a clinical‐stage biopharmaceutical company focused on acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Headquartered in New York, the company operates through a network of majority‐owned subsidiaries that target areas of high unmet medical need, including oncology, rare diseases and dermatology. Fortress Biotech’s business model emphasizes in‐licensing or acquiring promising drug candidates and coordinating their development through specialized affiliate companies, allowing for flexible capital allocation and focused management of individual programs.

Through its portfolio of subsidiaries, Fortress Biotech advances a diversified pipeline spanning small molecules, biologics and cell therapies.