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

Fortress Biotech, Inc. (NASDAQ:FBIO) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.21 and traded as high as $3.25. Fortress Biotech shares last traded at $3.16, with a volume of 215,661 shares changing hands.

Wall Street Analysts Forecast Growth

FBIO has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (d+)” rating on shares of Fortress Biotech in a research report on Monday, December 29th. Zacks Research upgraded Fortress Biotech from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 14th. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Fortress Biotech in a research note on Monday, February 23rd. Finally, Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a report on Sunday, November 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.00.

Fortress Biotech Stock Up 1.3%

The company has a market capitalization of $98.09 million, a price-to-earnings ratio of -17.56 and a beta of 1.38. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.19 and a quick ratio of 1.97. The firm’s fifty day moving average price is $3.43 and its 200-day moving average price is $3.21.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FBIO. NewEdge Advisors LLC increased its position in Fortress Biotech by 162.3% in the 4th quarter. NewEdge Advisors LLC now owns 32,531 shares of the biopharmaceutical company’s stock valued at $119,000 after acquiring an additional 20,131 shares during the period. Scientech Research LLC acquired a new position in shares of Fortress Biotech during the third quarter worth $67,000. Osaic Holdings Inc. lifted its holdings in shares of Fortress Biotech by 18.4% during the second quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock worth $60,000 after purchasing an additional 5,034 shares during the period. XTX Topco Ltd bought a new stake in shares of Fortress Biotech in the fourth quarter worth $53,000. Finally, Visionary Wealth Advisors bought a new stake in shares of Fortress Biotech in the fourth quarter worth $41,000. Institutional investors and hedge funds 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.