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

Shares of Fortress Biotech, Inc. (NASDAQ:FBIO) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.28 and traded as high as $2.57. Fortress Biotech shares last traded at $2.44, with a volume of 533,025 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FBIO shares. Weiss Ratings restated a “sell (d-)” rating on shares of Fortress Biotech in a report on Wednesday, October 8th. HC Wainwright cut their target price on Fortress Biotech from $26.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, August 21st. Finally, Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a report on Saturday, October 18th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.50.

Fortress Biotech Price Performance

The business’s 50-day simple moving average is $3.05 and its 200 day simple moving average is $2.28. The company has a quick ratio of 1.70, a current ratio of 1.92 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $72.60 million, a P/E ratio of -2.32 and a beta of 1.75.

Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.15). Fortress Biotech had a negative return on equity of 301.81% and a negative net margin of 24.84%.The company had revenue of $16.41 million for the quarter, compared to the consensus estimate of $14.53 million. Sell-side analysts forecast that Fortress Biotech, Inc. will post -3.28 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Envestnet Asset Management Inc. boosted its position in Fortress Biotech by 11.8% in the first quarter. Envestnet Asset Management Inc. now owns 267,908 shares of the biopharmaceutical company’s stock worth $418,000 after purchasing an additional 28,314 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Fortress Biotech by 6.1% in the 1st quarter. HB Wealth Management LLC now owns 113,350 shares of the biopharmaceutical company’s stock worth $177,000 after purchasing an additional 6,500 shares in the last quarter. Nantahala Capital Management LLC lifted its holdings in Fortress Biotech by 159.3% in the 1st 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 in 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 purchasing an additional 10,160 shares in the last quarter. Finally, Shikiar Asset Management Inc. grew its holdings in Fortress Biotech by 18.0% during the 2nd quarter. Shikiar Asset Management Inc. now owns 278,469 shares of the biopharmaceutical company’s stock valued at $518,000 after buying an additional 42,500 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.