Fortress Biotech (NASDAQ:FBIO) Stock Price Passes Above 200-Day Moving Average – What’s Next?

Fortress Biotech, Inc. (NASDAQ:FBIO)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.43 and traded as high as $2.87. Fortress Biotech shares last traded at $2.83, with a volume of 286,200 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have recently commented on FBIO shares. Weiss Ratings reissued a “sell (d)” rating on shares of Fortress Biotech in a report on Monday. HC Wainwright reduced their price target on shares of Fortress Biotech from $26.00 to $17.00 and set a “buy” rating on the stock in a report on Thursday, August 21st. Finally, Wall Street Zen upgraded shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $16.50.

Fortress Biotech Stock Up 2.9%

The business has a 50-day moving average price of $2.71 and a 200 day moving average price of $2.43. The company has a current ratio of 2.19, a quick ratio of 1.97 and a debt-to-equity ratio of 0.73. The stock has a market capitalization of $87.84 million, a P/E ratio of -15.72 and a beta of 1.49.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FBIO. Bank of America Corp DE grew its position in 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 acquiring an additional 6,426 shares in the last quarter. Abacus Planning Group Inc. purchased a new stake in Fortress Biotech during the third quarter valued at approximately $54,000. Scientech Research LLC bought a new stake in shares of Fortress Biotech in the 3rd quarter valued at approximately $67,000. XTX Topco Ltd bought a new stake in shares of Fortress Biotech in the 2nd quarter valued at approximately $42,000. Finally, Osaic Holdings Inc. boosted its holdings in shares of 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. Institutional investors own 96.51% of the company’s stock.

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.