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

Fortress Biotech, Inc. (NASDAQ:FBIO) shares passed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.05 and traded as low as $2.95. Fortress Biotech shares last traded at $2.99, with a volume of 388,743 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FBIO. Zacks Research lowered Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a research note on Friday, March 27th. Citigroup reaffirmed a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Finally, Wall Street Zen raised Fortress Biotech from a “buy” rating to a “strong-buy” rating in a research note on Sunday, May 24th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $17.00.

Fortress Biotech Trading Up 1.4%

The stock has a market cap of $99.32 million, a P/E ratio of 0.94 and a beta of 1.21. The stock’s 50-day moving average is $2.71 and its two-hundred day moving average is $3.05. 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 announced its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $3.04. The company had revenue of $16.04 million for the quarter, compared to the consensus estimate of $16.34 million. Fortress Biotech had a net margin of 193.12% and a return on equity of 109.66%.

Institutional Investors Weigh In On Fortress Biotech

Large investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its position 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 in the last quarter. Visionary Wealth Advisors bought a new stake in Fortress Biotech in the 4th quarter worth approximately $41,000. XTX Topco Ltd bought a new stake in Fortress Biotech in the 2nd quarter worth approximately $42,000. Osaic Holdings Inc. raised its holdings in shares of Fortress Biotech by 18.4% during the 2nd quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock worth $60,000 after acquiring an additional 5,034 shares in the last quarter. Finally, Scientech Research LLC purchased a new stake in shares of Fortress Biotech during the 3rd quarter worth approximately $67,000. 96.51% of the stock is owned by institutional investors.

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.