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

Fortress Biotech, Inc. (NASDAQ:FBIO) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.85 and traded as high as $3.51. Fortress Biotech shares last traded at $3.40, with a volume of 468,671 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have commented on FBIO. Zacks Research raised Fortress Biotech from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 14th. Wall Street Zen upgraded Fortress Biotech from a “hold” rating to a “buy” rating in a research report on Sunday, November 23rd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortress Biotech has a consensus rating of “Moderate Buy” and an average target price of $16.50.

Fortress Biotech Stock Performance

The stock has a market capitalization of $105.54 million, a P/E ratio of -18.89 and a beta of 1.42. The company has a current ratio of 2.19, a quick ratio of 1.97 and a debt-to-equity ratio of 0.73. The company has a 50-day moving average price of $3.32 and a two-hundred day moving average price of $2.85.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Friday, November 14th. The biopharmaceutical company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.43) by $0.54. The business had revenue of $17.63 million during the quarter, compared to analysts’ expectations of $21.02 million. Fortress Biotech had a negative return on equity of 69.39% and a net margin of 6.40%. On average, equities analysts forecast that Fortress Biotech, Inc. will post -3.28 earnings per share for the current year.

Institutional Trading of Fortress Biotech

Several hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its position in shares of Fortress Biotech by 65.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 51,017 shares of the biopharmaceutical company’s stock valued at $187,000 after acquiring an additional 20,266 shares during the period. Scientech Research LLC bought a new stake in Fortress Biotech in the third quarter valued at $67,000. Bank of America Corp DE increased its stake in Fortress Biotech by 923.3% in the third 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. Two Sigma Investments LP raised its holdings in shares of Fortress Biotech by 85.4% during the third quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company’s stock valued at $314,000 after purchasing an additional 39,149 shares during the period. Finally, Vanguard Group Inc. boosted its position 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. Institutional investors own 96.51% of the company’s stock.

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.