Fortress Biotech (NASDAQ:FBIO) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Fortress Biotech shares moved above their 200-day moving average, reaching $2.99 before closing at $2.93 on trading volume of 603,486 shares.
• Analyst sentiment is mixed, with two Buy ratings, one Hold and one Sell, producing a consensus Hold rating and an average price target of $17.00.
• The company beat quarterly expectations, reporting an adjusted loss of $0.08 per share versus the $0.20 expected loss and revenue of $18.72 million versus the $18.30 million estimate; institutional investors own 96.51% of the stock.

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 $2.92 and traded as high as $2.99. Fortress Biotech shares last traded at $2.93, with a volume of 603,486 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Citigroup reissued a "buy" rating on shares of Fortress Biotech in a report on Monday, May 18th. Weiss Ratings upgraded Fortress Biotech from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 14th. Finally, Wall Street Zen downgraded shares of Fortress Biotech from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 15th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $17.00.

Fortress Biotech Price Performance

The company's 50-day simple moving average is $3.08 and its 200-day simple moving average is $2.92. The stock has a market capitalization of $97.72 million, a P/E ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.17, a current ratio of 3.96 and a quick ratio of 3.83.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last posted its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.12. The company had revenue of $18.72 million during the quarter, compared to analysts' expectations of $18.30 million. Fortress Biotech had a net margin of 163.32% and a return on equity of 83.47%.

Institutional Trading of Fortress Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in shares of Fortress Biotech during the 4th quarter valued at about $180,000. Man Group plc bought a new position in shares of Fortress Biotech in the fourth quarter valued at $193,000. Panagora Asset Management Inc. increased its holdings in Fortress Biotech by 56.9% during the 4th quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company's stock worth $207,000 after purchasing an additional 20,556 shares in the last quarter. State Street Corp lifted its stake in Fortress Biotech by 11.5% during the 4th quarter. State Street Corp now owns 77,266 shares of the biopharmaceutical company's stock valued at $283,000 after acquiring an additional 8,000 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Fortress Biotech by 98.8% during the fourth quarter. Renaissance Technologies LLC now owns 81,100 shares of the biopharmaceutical company's stock valued at $297,000 after purchasing an additional 40,300 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors.

Fortress Biotech Company Profile

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.

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