Fortress Biotech (NASDAQ:FBIO) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report)'s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $1.78 and traded as high as $1.85. Fortress Biotech shares last traded at $1.78, with a volume of 182,582 shares changing hands.

Wall Street Analyst Weigh In

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

Fortress Biotech Trading Up 4.7%

The business's 50 day moving average price is $1.77 and its two-hundred day moving average price is $1.77. The company has a debt-to-equity ratio of 1.74, a quick ratio of 1.55 and a current ratio of 1.72. The company has a market capitalization of $52.93 million, a price-to-earnings ratio of -0.80 and a beta of 1.76.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last issued its quarterly earnings results on Monday, March 31st. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.79) by $0.53. Fortress Biotech had a negative return on equity of 4,712.53% and a negative net margin of 71.24%. The firm had revenue of $15.12 million during the quarter, compared to analyst estimates of $16.30 million. Equities analysts forecast that Fortress Biotech, Inc. will post -3.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jane Street Group LLC acquired a new position in shares of Fortress Biotech in the 4th quarter worth approximately $69,000. Envestnet Asset Management Inc. boosted its holdings in Fortress Biotech by 30.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 239,594 shares of the biopharmaceutical company's stock worth $485,000 after buying an additional 55,648 shares in the last quarter. Two Sigma Investments LP acquired a new position in Fortress Biotech in the fourth quarter worth approximately $109,000. Geode Capital Management LLC increased its holdings in shares of Fortress Biotech by 21.3% in the fourth quarter. Geode Capital Management LLC now owns 204,537 shares of the biopharmaceutical company's stock valued at $414,000 after buying an additional 35,930 shares in the last quarter. Finally, Atria Investments Inc increased 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 in the last quarter. 96.51% of the stock is currently owned by institutional investors.

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.