Fortress Biotech (NASDAQ:FBIO) Share Price Passes Above 200-Day Moving Average - What's Next?

Key Points

• Fortress Biotech shares have surpassed their 200-day moving average, trading at $3.60 after reaching a high of $3.90, with a volume of over 2.4 million shares.
• HC Wainwright has reduced their price target for the stock from $26.00 to $17.00, while two analysts maintain a "Buy" rating with an average target price of $16.50.
• Fortress Biotech reported a quarterly loss of ($0.46) EPS, missing estimates, but generated revenue of $16.41 million, exceeding analyst expectations of $14.53 million.

Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.85 and traded as high as $3.90. Fortress Biotech shares last traded at $3.60, with a volume of 2,414,173 shares.

Analyst Ratings Changes

Separately, HC Wainwright lowered their target price on Fortress Biotech from $26.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, August 21st. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $16.50.

Fortress Biotech Stock Up 1.6%

The stock has a market capitalization of $115.73 million, a price-to-earnings ratio of -3.70 and a beta of 1.61. The company has a debt-to-equity ratio of 1.34, a current ratio of 1.92 and a quick ratio of 1.70. The business has a fifty day moving average of $2.29 and a 200 day moving average of $1.91.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.15). Fortress Biotech had a negative return on equity of 301.81% and a negative net margin of 24.84%.The firm had revenue of $16.41 million for the quarter, compared to analyst estimates of $14.53 million. As a group, equities analysts predict that Fortress Biotech, Inc. will post -3.28 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its stake in 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. 180 Wealth Advisors LLC lifted its stake in Fortress Biotech by 6.4% during the second quarter. 180 Wealth Advisors LLC now owns 93,050 shares of the biopharmaceutical company's stock worth $173,000 after purchasing an additional 5,600 shares in the last quarter. HB Wealth Management LLC lifted its stake in Fortress Biotech by 6.1% during the first quarter. HB Wealth Management LLC now owns 113,350 shares of the biopharmaceutical company's stock worth $177,000 after purchasing an additional 6,500 shares in the last quarter. PFG Investments LLC lifted its stake in Fortress Biotech by 28.4% during the first quarter. PFG Investments LLC now owns 45,259 shares of the biopharmaceutical company's stock worth $71,000 after purchasing an additional 10,000 shares in the last quarter. Finally, Wolverine Trading LLC acquired a new position in Fortress Biotech during the fourth quarter worth $26,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.