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

Fortress Biotech, Inc. (NASDAQ:FBIO) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.00 and traded as high as $3.45. Fortress Biotech shares last traded at $3.29, with a volume of 463,116 shares.

Analyst Ratings Changes

Several research firms recently issued reports on FBIO. Wall Street Zen upgraded shares of Fortress Biotech from a “buy” rating to a “strong-buy” rating in a report on Sunday, May 24th. Weiss Ratings reissued a “sell (d)” rating on shares of Fortress Biotech in a research report on Wednesday, July 8th. Finally, Citigroup reissued a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.00.

Fortress Biotech Stock Down 4.9%

The firm’s 50 day moving average price is $3.06 and its two-hundred day moving average price is $3.00. The company has a market cap of $103.98 million, a P/E ratio of 0.99 and a beta of 1.21. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.77 and a current ratio of 2.86.

Fortress Biotech (NASDAQ:FBIO) last issued its earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $3.04. The business had revenue of $16.04 million for the quarter, compared to analyst estimates of $16.34 million. Fortress Biotech had a net margin of 193.12% and a return on equity of 109.66%.

Hedge Funds Weigh In On Fortress Biotech

Institutional investors and hedge funds have recently made changes to their positions in the stock. Opaleye Management Inc. bought a new stake in Fortress Biotech in the 4th quarter valued at about $3,989,000. Bridgeway Capital Management LLC acquired a new stake in Fortress Biotech in the fourth quarter valued at approximately $667,000. Vanguard Group Inc. grew its stake in Fortress Biotech by 11.4% in the third quarter. Vanguard Group Inc. now owns 950,327 shares of the biopharmaceutical company’s stock valued at $3,511,000 after acquiring an additional 97,405 shares during the period. Man Group plc bought a new stake in shares of Fortress Biotech during the fourth quarter valued at approximately $193,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Fortress Biotech during the fourth quarter valued at approximately $180,000. 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.