Fortress Biotech (NASDAQ:FBIO) Price Target Raised to $26.00

Fortress Biotech (NASDAQ:FBIO) had its price objective raised by HC Wainwright from $24.00 to $26.00 in a research note published on Monday morning,Benzinga reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Fortress Biotech’s Q4 2024 earnings at ($0.83) EPS, FY2025 earnings at ($1.38) EPS, FY2026 earnings at ($1.07) EPS and FY2027 earnings at ($0.46) EPS.

Separately, StockNews.com lowered shares of Fortress Biotech from a “hold” rating to a “sell” rating in a report 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, Fortress Biotech currently has an average rating of “Moderate Buy” and an average target price of $13.67.

Fortress Biotech Price Performance

Shares of FBIO opened at $1.57 on Monday. Fortress Biotech has a 1 year low of $1.36 and a 1 year high of $4.43. The company has a 50 day simple moving average of $1.69 and a two-hundred day simple moving average of $1.83. The firm has a market cap of $43.33 million, a P/E ratio of -0.51 and a beta of 1.75.

Insider Activity

In other news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the stock in a transaction dated Monday, September 23rd. The stock was purchased at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the transaction, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. The trade was a 26.38 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 33.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Shikiar Asset Management Inc. boosted its position in shares of 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 acquiring an additional 10,000 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Fortress Biotech during the 1st quarter valued at approximately $31,000. Integrated Wealth Concepts LLC lifted its position in Fortress Biotech by 68.2% in the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock worth $67,000 after buying an additional 18,700 shares during the last quarter. Atria Investments Inc lifted its position in Fortress Biotech by 58.4% in the third quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock worth $103,000 after buying an additional 26,351 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in 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. 96.51% of the stock is currently owned by 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.