Fortress Biotech, Inc. (NASDAQ:FBIO – Get Free Report) crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $3.05 and traded as low as $2.95. Fortress Biotech shares last traded at $2.99, with a volume of 388,743 shares.
Wall Street Analysts Forecast Growth
Several brokerages have commented on FBIO. Weiss Ratings reissued a “sell (d+)” rating on shares of Fortress Biotech in a report on Friday, March 27th. Citigroup reaffirmed a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Wall Street Zen upgraded Fortress Biotech from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 24th. Finally, Zacks Research cut shares of Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.00.
Get Our Latest Stock Analysis on FBIO
Fortress Biotech Stock Performance
Fortress Biotech (NASDAQ:FBIO – Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $3.04. Fortress Biotech had a net margin of 193.12% and a return on equity of 109.66%. The firm had revenue of $16.04 million for the quarter, compared to analyst estimates of $16.34 million.
Hedge Funds Weigh In On Fortress Biotech
Hedge funds and other institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. increased its position 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 in the last quarter. PFG Investments LLC raised its stake in Fortress Biotech by 22.1% in the 4th quarter. PFG Investments LLC now owns 34,701 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 6,282 shares during the last quarter. Bank of America Corp DE lifted its holdings in Fortress Biotech by 923.3% in the 3rd 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. State Street Corp lifted its holdings in Fortress Biotech by 11.5% in the 4th quarter. State Street Corp now owns 77,266 shares of the biopharmaceutical company’s stock valued at $283,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Visionary Wealth Advisors acquired a new stake in Fortress Biotech during the 4th quarter worth $41,000. 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.
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