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

Shares of Fortress Biotech, Inc. (NASDAQ:FBIO - Get Free Report) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred 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.

Analyst Ratings Changes

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

Fortress Biotech Trading Down 1.7%

The firm's 50 day moving average is $1.76 and its 200 day moving average is $1.78. The company has a market cap of $52.63 million, a PE ratio of -0.80 and a beta of 1.76. The company has a debt-to-equity ratio of 1.74, a current ratio of 1.72 and a quick ratio of 1.55.

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

Hedge Funds Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nantahala Capital Management LLC grew its holdings in shares of Fortress Biotech by 159.3% during the first quarter. Nantahala Capital Management LLC now owns 325,520 shares of the biopharmaceutical company's stock worth $508,000 after purchasing an additional 200,000 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Fortress Biotech by 125.1% during the fourth quarter. Renaissance Technologies LLC now owns 175,800 shares of the biopharmaceutical company's stock worth $356,000 after purchasing an additional 97,712 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Fortress Biotech by 8.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 1,004,365 shares of the biopharmaceutical company's stock worth $1,567,000 after buying an additional 80,058 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Fortress Biotech by 30.3% in the 4th 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. Finally, Two Sigma Investments LP purchased a new position in Fortress Biotech in the 4th quarter worth approximately $109,000. 96.51% of the stock is currently owned by hedge funds and other 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.

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