Fortress Biotech (NASDAQ:FBIO) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Shares of Fortress Biotech, Inc. (NASDAQ:FBIO) crossed 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 traded.

Analysts Set New Price Targets

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

Fortress Biotech Trading Up 4.8%

The company has a debt-to-equity ratio of 0.18, a current ratio of 2.86 and a quick ratio of 2.77. The company has a market cap of $101.99 million, a price-to-earnings ratio of 0.97 and a beta of 1.22. The business’s fifty day moving average price is $2.52 and its 200 day moving average price is $3.04.

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

Institutional Trading of Fortress Biotech

Several institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its position in Fortress Biotech by 923.3% during the 3rd quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 6,426 shares during the period. Visionary Wealth Advisors bought a new position in Fortress Biotech during the 4th quarter worth approximately $41,000. XTX Topco Ltd acquired a new position in shares of Fortress Biotech in the 4th quarter worth approximately $53,000. Scientech Research LLC acquired a new position in shares of Fortress Biotech in the 3rd quarter worth approximately $67,000. Finally, Osaic Holdings Inc. boosted its stake 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 valued at $60,000 after purchasing an additional 5,034 shares during the last quarter. 96.51% of the stock is currently owned by institutional investors.

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.