StockNews.com Downgrades Fortress Biotech (NASDAQ:FBIO) to Sell

Fortress Biotech (NASDAQ:FBIO) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Friday.

Separately, HC Wainwright reiterated a “buy” rating and issued a $24.00 price target on shares of Fortress Biotech in a research report on Friday, July 19th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.00.

Fortress Biotech Stock Down 8.9 %

NASDAQ FBIO traded down $0.14 during trading hours on Friday, hitting $1.43. The company had a trading volume of 817,581 shares, compared to its average volume of 388,422. The business has a fifty day simple moving average of $1.71 and a 200-day simple moving average of $1.83. The firm has a market cap of $32.62 million, a P/E ratio of -0.44 and a beta of 1.75. Fortress Biotech has a fifty-two week low of $1.30 and a fifty-two week high of $4.43.

Fortress Biotech (NASDAQ:FBIO) last posted its earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($1.32) by $0.59. The firm had revenue of $14.90 million during the quarter, compared to the consensus estimate of $14.97 million. Equities analysts forecast that Fortress Biotech will post -2.65 EPS for the current fiscal year.

Insider Activity at Fortress Biotech

In related news, CEO Lindsay A. Md Rosenwald acquired 763,359 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were acquired at an average cost of $1.84 per share, with a total value of $1,404,580.56. Following the purchase, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at approximately $6,729,365.76. The trade was a 26.38 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 33.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC boosted its stake in Fortress Biotech by 124.3% during the 1st quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock valued at $582,000 after purchasing an additional 161,870 shares during the period. Shikiar Asset Management Inc. raised its stake in Fortress Biotech by 4.4% during the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after purchasing an additional 10,000 shares during the last quarter. PVG Asset Management Corp acquired a new position in Fortress Biotech during the 2nd quarter valued at $266,000. B. Riley Wealth Advisors Inc. bought a new stake in Fortress Biotech in the 2nd quarter valued at $207,000. Finally, Atria Investments Inc grew its position in Fortress Biotech by 58.4% in the 3rd quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock worth $103,000 after purchasing an additional 26,351 shares during the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

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.