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

Shares of Fortress Biotech, Inc. (NASDAQ:FBIO) crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $3.06 and traded as high as $3.21. Fortress Biotech shares last traded at $3.02, with a volume of 574,918 shares trading hands.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Fortress Biotech from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 24th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Fortress Biotech in a research report on Friday, March 27th. Citigroup restated a “buy” rating on shares of Fortress Biotech in a report on Monday, May 18th. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, Fortress Biotech currently has an average rating of “Hold” and a consensus target price of $17.00.

Fortress Biotech Trading Down 3.8%

The company has a market cap of $100.32 million, a PE ratio of 0.95 and a beta of 1.22. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.77 and a current ratio of 2.86. The company has a 50 day simple moving average of $2.61 and a two-hundred day simple moving average of $3.06.

Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $3.04. The business had revenue of $16.04 million during the quarter, compared to analyst estimates of $16.34 million. Fortress Biotech had a net margin of 193.12% and a return on equity of 109.66%.

Hedge Funds Weigh In On Fortress Biotech

A number of hedge funds have recently modified their holdings of FBIO. Opaleye Management Inc. purchased a new stake in shares of Fortress Biotech during the fourth quarter worth $3,989,000. Vanguard Group Inc. raised its stake in shares of Fortress Biotech by 11.4% during the 3rd quarter. Vanguard Group Inc. now owns 950,327 shares of the biopharmaceutical company’s stock worth $3,511,000 after purchasing an additional 97,405 shares in the last quarter. Shikiar Asset Management Inc. raised its stake in shares of Fortress Biotech by 9.7% during the 1st quarter. Shikiar Asset Management Inc. now owns 305,469 shares of the biopharmaceutical company’s stock worth $852,000 after purchasing an additional 27,000 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortress Biotech by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 262,492 shares of the biopharmaceutical company’s stock valued at $961,000 after buying an additional 18,071 shares during the last quarter. Finally, Bridgeway Capital Management LLC acquired a new stake in Fortress Biotech in the fourth quarter valued at approximately $667,000. 96.51% of the stock is owned by institutional investors and hedge funds.

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.