Fortress Biotech (NASDAQ:FBIO) Shares Pass Above Two Hundred Day Moving Average – Time to Sell?
by Tristan Rich · The Markets DailyShares of Fortress Biotech, Inc. (NASDAQ:FBIO – Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $3.18 and traded as high as $3.43. Fortress Biotech shares last traded at $3.36, with a volume of 268,023 shares traded.
Analyst Ratings Changes
A number of research analysts have commented on FBIO shares. Zacks Research upgraded shares of Fortress Biotech from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 14th. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price target on shares of Fortress Biotech in a research report on Monday, February 23rd. Weiss Ratings reissued a “sell (d+)” rating on shares of Fortress Biotech in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Fortress Biotech presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.
Check Out Our Latest Analysis on Fortress Biotech
Fortress Biotech Stock Up 1.9%
The stock has a market cap of $101.81 million, a P/E ratio of -18.22 and a beta of 1.38. The stock’s fifty day simple moving average is $3.53 and its 200-day simple moving average is $3.18. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.19 and a quick ratio of 1.97.
Institutional Investors Weigh In On Fortress Biotech
Several large investors have recently added to or reduced their stakes in FBIO. Opaleye Management Inc. acquired a new position in shares of Fortress Biotech during the fourth quarter valued at $3,989,000. Bridgeway Capital Management LLC bought a new stake in Fortress Biotech in the 4th quarter valued at about $667,000. HB Wealth Management LLC acquired a new position in Fortress Biotech during the 3rd quarter valued at about $444,000. Vanguard Group Inc. grew its position in Fortress Biotech by 11.4% in the 3rd quarter. Vanguard Group Inc. now owns 950,327 shares of the biopharmaceutical company’s stock worth $3,511,000 after purchasing an additional 97,405 shares during the last quarter. Finally, Sheets Smith Investment Management acquired a new stake in shares of Fortress Biotech in the third quarter valued at approximately $270,000. 96.51% of the stock is owned by institutional investors and hedge funds.
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.