Fortress Biotech (NASDAQ:FBIO) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

Fortress Biotech, Inc. (NASDAQ:FBIOGet Free Report)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.03 and traded as high as $3.65. Fortress Biotech shares last traded at $3.55, with a volume of 603,712 shares traded.

Wall Street Analysts Forecast Growth

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

Read Our Latest Report on Fortress Biotech

Fortress Biotech Stock Down 2.6%

The company’s 50 day simple moving average is $2.98 and its 200-day simple moving average is $3.03. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.77 and a current ratio of 2.86. The firm has a market capitalization of $110.95 million, a PE ratio of 1.05 and a beta of 1.21.

Fortress Biotech (NASDAQ:FBIOGet Free Report) last released its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 EPS 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 during the quarter, compared to analyst estimates of $16.34 million.

Hedge Funds Weigh In On Fortress Biotech

A number of institutional investors have recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC bought a new stake in shares of Fortress Biotech during the 4th quarter valued at about $667,000. Two Sigma Investments LP grew its holdings in shares of Fortress Biotech by 85.4% during the third quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company’s stock worth $314,000 after purchasing an additional 39,149 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Fortress Biotech by 98.8% in the fourth quarter. Renaissance Technologies LLC now owns 81,100 shares of the biopharmaceutical company’s stock worth $297,000 after purchasing an additional 40,300 shares during the last quarter. State Street Corp raised its stake in Fortress Biotech by 11.5% in the fourth 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, Panagora Asset Management Inc. raised its stake in Fortress Biotech by 56.9% in the fourth quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company’s stock valued at $207,000 after purchasing an additional 20,556 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors.

About Fortress Biotech

(Get Free Report)

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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