Fortress Biotech (NASDAQ:FBIO) Share Price Passes Above 200-Day Moving Average - Time to Sell?

Key Points

• Fortress Biotech (NASDAQ:FBIO) rose above its 200-day moving average on Wednesday, trading as high as $3.65 and last changing hands at $3.55.
• Analyst sentiment is mixed: Weiss Ratings reiterated a sell, Citigroup kept a buy, and Wall Street Zen upgraded the stock to strong-buy. Overall, MarketBeat shows an average rating of Hold with a $17.00 price target.
• The company recently posted a strong quarterly earnings beat, reporting $2.82 EPS versus expectations of a loss, while revenue came in at $16.04 million. Institutional investors also remain heavily involved, owning 96.51% of the stock.

Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report) passed 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.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FBIO shares. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Fortress Biotech in a research note on Wednesday, July 8th. Citigroup reissued a "buy" rating on shares of Fortress Biotech in a report on Monday, May 18th. Finally, Wall Street Zen upgraded shares of Fortress Biotech from a "buy" rating to a "strong-buy" rating in a research report on Sunday, May 24th. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $17.00.

Fortress Biotech Price Performance

The firm's 50 day simple moving average is $2.95 and its two-hundred day simple moving average is $3.03. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.86 and a quick ratio of 2.77. The firm has a market capitalization of $117.93 million, a P/E ratio of 1.12 and a beta of 1.21.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last announced its quarterly earnings results on Thursday, May 14th. The biopharmaceutical company reported $2.82 EPS for the quarter, topping analysts' consensus estimates of ($0.22) by $3.04. The business had revenue of $16.04 million for the quarter, compared to analysts' expectations of $16.34 million. Fortress Biotech had a return on equity of 109.66% and a net margin of 193.12%.

Institutional Trading of Fortress Biotech

A number of hedge funds have recently modified their holdings of the business. XTX Topco Ltd purchased a new stake in shares of Fortress Biotech in the second quarter worth $42,000. 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 valued at $60,000 after acquiring an additional 5,034 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Fortress Biotech by 11.4% during 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 in the last quarter. Two Sigma Investments LP raised its holdings in Fortress Biotech by 85.4% in the 3rd quarter. Two Sigma Investments LP now owns 84,981 shares of the biopharmaceutical company's stock worth $314,000 after acquiring an additional 39,149 shares during the last quarter. Finally, Bank of America Corp DE raised 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 worth $26,000 after acquiring an additional 6,426 shares during the last quarter. Institutional investors own 96.51% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.