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

Fortress Biotech, Inc. (NASDAQ:FBIO) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.92 and traded as high as $3.27. Fortress Biotech shares last traded at $3.15, with a volume of 630,863 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FBIO. Zacks Research raised shares of Fortress Biotech from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 14th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Fortress Biotech in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. One equities research 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 MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $16.50.

Fortress Biotech Trading Up 1.6%

The company has a market capitalization of $97.78 million, a P/E ratio of -17.50 and a beta of 1.43. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.97 and a current ratio of 2.19. The stock has a fifty day moving average of $3.41 and a 200 day moving average of $2.92.

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

Hedge Funds Weigh In On Fortress Biotech

Several large investors have recently added to or reduced their stakes in FBIO. PFG Investments LLC increased its stake in shares of Fortress Biotech by 22.1% in the fourth quarter. PFG Investments LLC now owns 34,701 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 6,282 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Fortress Biotech by 65.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 51,017 shares of the biopharmaceutical company’s stock worth $187,000 after buying an additional 20,266 shares during the period. Scientech Research LLC purchased a new stake in Fortress Biotech in the 3rd quarter worth $67,000. Bank of America Corp DE raised its holdings in Fortress Biotech by 923.3% during the third quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 6,426 shares during the period. Finally, Two Sigma Investments LP lifted its position in shares of Fortress Biotech by 85.4% in the third quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company’s stock valued at $314,000 after acquiring an additional 39,149 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 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.