Fortress Biotech (NASDAQ:FBIO) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Fortress Biotech, Inc. (NASDAQ:FBIO) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.04 and traded as high as $3.54. Fortress Biotech shares last traded at $3.45, with a volume of 196,659 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FBIO. Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. Zacks Research raised Fortress Biotech from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 14th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Fortress Biotech in a research report 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 assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

Fortress Biotech Stock Down 1.4%

The stock’s 50 day simple moving average is $3.57 and its two-hundred day simple moving average is $3.04. The firm has a market cap of $107.09 million, a P/E ratio of -19.17 and a beta of 1.43. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.19 and a quick ratio of 1.97.

Hedge Funds Weigh In On Fortress Biotech

Hedge funds have recently bought and sold shares of the company. 180 Wealth Advisors LLC grew its holdings in shares of Fortress Biotech by 6.4% during the second quarter. 180 Wealth Advisors LLC now owns 93,050 shares of the biopharmaceutical company’s stock valued at $173,000 after buying an additional 5,600 shares during the last quarter. Scientech Research LLC purchased a new position in Fortress Biotech in the 3rd quarter worth approximately $67,000. Two Sigma Investments LP lifted its position in Fortress Biotech by 85.4% in the 3rd 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. Osaic Holdings Inc. boosted its stake in 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 purchasing an additional 5,034 shares during the last quarter. Finally, XTX Topco Ltd purchased a new stake in Fortress Biotech during the 2nd quarter valued at $42,000. 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.