Fortress Biotech (NASDAQ:FBIO) Shares Pass Above 200 Day Moving Average – What’s Next?

Fortress Biotech, Inc. (NASDAQ:FBIO)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $2.56 and traded as high as $3.70. Fortress Biotech shares last traded at $3.60, with a volume of 422,359 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a report on Monday. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $16.50.

Fortress Biotech Stock Down 0.6%

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 50 day simple moving average of $2.77 and a 200 day simple moving average of $2.56. The firm has a market capitalization of $111.74 million, a PE ratio of -20.00 and a beta of 1.49.

Fortress Biotech (NASDAQ:FBIO) last issued its earnings results on Friday, November 14th. The biopharmaceutical company reported $0.11 earnings per share (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 analysts’ expectations of $21.02 million. As a group, sell-side analysts forecast that Fortress Biotech, Inc. will post -3.28 earnings per share for the current year.

Hedge Funds Weigh In On Fortress Biotech

Several hedge funds and other institutional investors have recently modified their holdings of FBIO. Nantahala Capital Management LLC grew its stake in shares of Fortress Biotech by 159.3% in the first quarter. Nantahala Capital Management LLC now owns 325,520 shares of the biopharmaceutical company’s stock worth $508,000 after purchasing an additional 200,000 shares during the last quarter. PFG Investments LLC lifted its holdings in Fortress Biotech by 22.4% in the 2nd quarter. PFG Investments LLC now owns 55,419 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 10,160 shares during the period. Shikiar Asset Management Inc. grew its position in shares of Fortress Biotech by 18.0% in the 2nd quarter. Shikiar Asset Management Inc. now owns 278,469 shares of the biopharmaceutical company’s stock worth $518,000 after buying an additional 42,500 shares during the last quarter. 180 Wealth Advisors LLC increased its stake in shares of Fortress Biotech by 6.4% during the second quarter. 180 Wealth Advisors LLC now owns 93,050 shares of the biopharmaceutical company’s stock valued at $173,000 after buying an additional 5,600 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Fortress Biotech during the second quarter valued at approximately $42,000. 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.