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

Fortress Biotech, Inc. (NASDAQ:FBIO) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.71 and traded as high as $4.47. Fortress Biotech shares last traded at $4.38, with a volume of 847,109 shares traded.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Fortress Biotech in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $16.50.

Fortress Biotech Stock Up 2.6%

The company has a 50-day simple moving average of $3.08 and a two-hundred day simple moving average of $2.71. 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 stock has a market cap of $135.96 million, a P/E ratio of -24.33 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 analysts’ consensus estimates of ($0.43) by $0.54. Fortress Biotech had a net margin of 6.40% and a negative return on equity of 69.39%. The business had revenue of $17.63 million for the quarter, compared to analyst estimates of $21.02 million. On average, equities analysts forecast that Fortress Biotech, Inc. will post -3.28 EPS for the current year.

Institutional Investors Weigh In On Fortress Biotech

A number of large investors have recently modified their holdings of the stock. Bank of America Corp DE increased its stake 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 in the last quarter. XTX Topco Ltd bought a new stake in shares of Fortress Biotech in the 2nd quarter worth $42,000. Abacus Planning Group Inc. purchased a new position in shares of Fortress Biotech in the third quarter worth $54,000. Osaic Holdings Inc. boosted its holdings in shares of Fortress Biotech by 18.4% during the 2nd quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 5,034 shares during the last quarter. Finally, Scientech Research LLC bought a new position in shares of Fortress Biotech during the 3rd quarter valued at $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.