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

Shares of Fortress Biotech, Inc. (NASDAQ:FBIO) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.03 and traded as high as $3.65. Fortress Biotech shares last traded at $3.55, with a volume of 603,712 shares changing hands.

Analysts Set New Price Targets

A number of brokerages recently commented on FBIO. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Fortress Biotech in a report on Wednesday, July 8th. Citigroup reaffirmed a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Finally, Wall Street Zen upgraded Fortress Biotech from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 24th. Two 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Fortress Biotech Price Performance

The company has a current ratio of 2.86, a quick ratio of 2.77 and a debt-to-equity ratio of 0.18. The firm’s 50-day moving average price is $2.95 and its 200-day moving average price is $3.03. The stock has a market capitalization of $117.93 million, a PE ratio of 1.12 and a beta of 1.21.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 earnings per share for the quarter, beating the consensus estimate of ($0.22) by $3.04. Fortress Biotech had a return on equity of 109.66% and a net margin of 193.12%.The firm had revenue of $16.04 million for the quarter, compared to the consensus estimate of $16.34 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. XTX Topco Ltd bought a new position in Fortress Biotech during the 4th quarter worth about $53,000. Quadrature Capital Ltd bought a new stake in shares of Fortress Biotech in the 4th quarter valued at about $180,000. Man Group plc bought a new stake in shares of Fortress Biotech in the 4th quarter valued at about $193,000. Panagora Asset Management Inc. lifted its position in shares of Fortress Biotech by 56.9% in the 4th quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company’s stock worth $207,000 after purchasing an additional 20,556 shares during the period. Finally, Scientech Research LLC purchased a new stake in shares of Fortress Biotech in the 3rd quarter worth approximately $67,000. 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.