Fortress Biotech (NASDAQ:FBIO) Stock Price Crosses Above 200-Day Moving Average – Here’s What Happened

Fortress Biotech, Inc. (NASDAQ:FBIO)’s share price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $1.85 and traded as high as $2.25. Fortress Biotech shares last traded at $2.03, with a volume of 593,040 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FBIO. HC Wainwright boosted their target price on shares of Fortress Biotech from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. StockNews.com downgraded shares of Fortress Biotech from a “hold” rating to a “sell” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortress Biotech has an average rating of “Moderate Buy” and an average price target of $13.67.

Fortress Biotech Stock Up 4.4 %

The stock has a 50-day moving average of $1.87 and a 200 day moving average of $1.85. The stock has a market cap of $58.52 million, a PE ratio of -0.70 and a beta of 1.70.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FBIO. PVG Asset Management Corp grew its position in Fortress Biotech by 140.1% during the 3rd quarter. PVG Asset Management Corp now owns 373,790 shares of the biopharmaceutical company’s stock worth $540,000 after purchasing an additional 218,115 shares during the period. Geode Capital Management LLC boosted its stake in shares of Fortress Biotech by 28.8% in the third quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock worth $244,000 after buying an additional 37,736 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in Fortress Biotech by 68.2% during the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock worth $67,000 after acquiring an additional 18,700 shares during the period. Atria Investments Inc grew its holdings in Fortress Biotech by 58.4% during the third quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock worth $103,000 after acquiring an additional 26,351 shares during the period. Finally, Shikiar Asset Management Inc. raised its position in Fortress Biotech by 4.4% during the third quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after acquiring an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

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.