Fortress Biotech (NASDAQ:FBIO) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $1.76 and traded as high as $1.95. Fortress Biotech shares last traded at $1.84, with a volume of 121,095 shares changing hands.

Wall Street Analyst Weigh In

Separately, Roth Mkm reissued a "buy" rating and issued a $16.00 price target (up from $15.00) on shares of Fortress Biotech in a research report on Tuesday, March 11th.

Fortress Biotech Stock Up 0.5%

The firm has a 50-day simple moving average of $1.66 and a 200 day simple moving average of $1.77. The company has a market cap of $54.70 million, a price-to-earnings ratio of -0.61 and a beta of 1.85.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last announced its earnings results on Monday, March 31st. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.79) by $0.53. The business had revenue of $15.12 million for the quarter, compared to analysts' expectations of $16.30 million. As a group, research analysts expect that Fortress Biotech, Inc. will post -3.28 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of FBIO. Atria Investments Inc raised its holdings in shares of Fortress Biotech by 23.6% in the fourth quarter. Atria Investments Inc now owns 88,325 shares of the biopharmaceutical company's stock valued at $179,000 after buying an additional 16,841 shares during the last quarter. Geode Capital Management LLC increased its position in Fortress Biotech by 21.3% in the 4th quarter. Geode Capital Management LLC now owns 204,537 shares of the biopharmaceutical company's stock valued at $414,000 after acquiring an additional 35,930 shares during the period. Envestnet Asset Management Inc. raised its stake in Fortress Biotech by 30.3% during the 4th quarter. Envestnet Asset Management Inc. now owns 239,594 shares of the biopharmaceutical company's stock valued at $485,000 after acquiring an additional 55,648 shares during the last quarter. Renaissance Technologies LLC lifted its position in Fortress Biotech by 125.1% during the 4th quarter. Renaissance Technologies LLC now owns 175,800 shares of the biopharmaceutical company's stock worth $356,000 after acquiring an additional 97,712 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Fortress Biotech during the 4th quarter worth approximately $62,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

About Fortress Biotech

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.