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

Fortress Biotech, Inc. (NASDAQ:FBIO)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $2.85 and traded as high as $3.51. Fortress Biotech shares last traded at $3.40, with a volume of 468,671 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FBIO shares. Zacks Research upgraded Fortress Biotech from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 14th. Wall Street Zen upgraded 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 report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.50.

Fortress Biotech Trading Down 2.3%

The company has a quick ratio of 1.97, a current ratio of 2.19 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average price of $3.32 and a 200 day moving average price of $2.85. The stock has a market capitalization of $105.54 million, a PE ratio of -18.89 and a beta of 1.42.

Fortress Biotech (NASDAQ:FBIO) last announced its quarterly 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. The business had revenue of $17.63 million during the quarter, compared to the consensus estimate of $21.02 million. Fortress Biotech had a negative return on equity of 69.39% and a net margin of 6.40%. Equities analysts expect that Fortress Biotech, Inc. will post -3.28 EPS for the current fiscal year.

Institutional Trading of Fortress Biotech

Several institutional investors and hedge funds have recently made changes to their positions in the company. PFG Investments LLC lifted its position in shares of Fortress Biotech by 22.4% during the second quarter. PFG Investments LLC now owns 55,419 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 10,160 shares in the last quarter. Shikiar Asset Management Inc. grew its position in 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 purchasing an additional 42,500 shares in the last quarter. 180 Wealth Advisors LLC increased its stake in Fortress Biotech by 6.4% in the 2nd 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 last quarter. XTX Topco Ltd bought a new position in shares of Fortress Biotech during the 2nd quarter worth approximately $42,000. Finally, Panagora Asset Management Inc. bought a new position in shares of Fortress Biotech during the 2nd quarter worth approximately $93,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Company Profile

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.