Insider Buying: Fortress Biotech, Inc. (NASDAQ:FBIO) CEO Purchases $1,404,580.56 in Stock

Fortress Biotech, Inc. (NASDAQ:FBIO) CEO Lindsay A. Md Rosenwald bought 763,359 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was purchased at an average price of $1.84 per share, with a total value of $1,404,580.56. Following the purchase, the chief executive officer now directly owns 3,657,264 shares of the company’s stock, valued at approximately $6,729,365.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Fortress Biotech Stock Performance

Shares of Fortress Biotech stock opened at $1.49 on Friday. The stock’s fifty day simple moving average is $1.92 and its 200 day simple moving average is $1.87. The company has a current ratio of 1.37, a quick ratio of 1.24 and a debt-to-equity ratio of 38.42. The company has a market capitalization of $30.41 million, a PE ratio of -0.24 and a beta of 1.81. Fortress Biotech, Inc. has a 12 month low of $1.24 and a 12 month high of $5.25.

Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings data on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($1.32) by $0.59. The business had revenue of $14.90 million for the quarter, compared to the consensus estimate of $14.97 million. On average, research analysts predict that Fortress Biotech, Inc. will post -2.65 EPS for the current year.

Hedge Funds Weigh In On Fortress Biotech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FBIO. Virtu Financial LLC bought a new stake in shares of Fortress Biotech in the first quarter valued at about $31,000. 180 Wealth Advisors LLC acquired a new stake in Fortress Biotech in the 2nd quarter valued at approximately $107,000. B. Riley Wealth Advisors Inc. bought a new stake in Fortress Biotech in the 2nd quarter valued at approximately $207,000. PVG Asset Management Corp acquired a new position in Fortress Biotech during the 2nd quarter worth approximately $266,000. Finally, Acadian Asset Management LLC grew its stake in shares of Fortress Biotech by 124.3% during the 1st quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock worth $582,000 after acquiring an additional 161,870 shares in the last quarter. 96.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FBIO has been the subject of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price target on shares of Fortress Biotech in a research note on Friday, July 19th. StockNews.com upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research report on Wednesday, August 14th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Fortress Biotech in a research report on Thursday, June 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $13.00.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino an oral minocycline drug for the treatment of moderate to severe acne; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Exelderm cream for antifungal intended for topical use; Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Amzeeq; Zilxi; and Accutane capsules for severe recalcitrant nodular acne.