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

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 trading hands.

Analyst Ratings Changes

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

Fortress Biotech Trading Down 2.3%

The firm has a market cap of $105.54 million, a price-to-earnings ratio of -18.89 and a beta of 1.42. The firm’s 50-day moving average is $3.32 and its 200-day moving average is $2.86. The company has a current ratio of 2.19, a quick ratio of 1.97 and a debt-to-equity ratio of 0.73.

Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings data on Friday, November 14th. The biopharmaceutical company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.54. The firm had revenue of $17.63 million for the quarter, compared to analyst estimates of $21.02 million. Fortress Biotech had a net margin of 6.40% and a negative return on equity of 69.39%. As a group, sell-side analysts anticipate that Fortress Biotech, Inc. will post -3.28 EPS for the current fiscal year.

Institutional Trading of Fortress Biotech

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE lifted its holdings in shares of 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. XTX Topco Ltd purchased a new stake in shares of Fortress Biotech during the 2nd quarter valued at $42,000. Abacus Planning Group Inc. bought a new stake in shares of Fortress Biotech during the 3rd quarter worth $54,000. Osaic Holdings Inc. increased its holdings in 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 buying an additional 5,034 shares during the last quarter. Finally, Scientech Research LLC bought a new stake in Fortress Biotech in the third quarter worth about $67,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.