Short Interest in Fortress Biotech, Inc. (NASDAQ:FBIO) Expands By 8.3%

Fortress Biotech, Inc. (NASDAQ:FBIO) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 2,350,000 shares, an increase of 8.3% from the September 15th total of 2,170,000 shares. Based on an average trading volume of 471,500 shares, the days-to-cover ratio is currently 5.0 days. Currently, 10.7% of the shares of the stock are sold short.

Fortress Biotech Price Performance

Shares of Fortress Biotech stock traded up $0.06 on Thursday, reaching $1.81. The company had a trading volume of 677,528 shares, compared to its average volume of 365,654. The firm has a market cap of $36.95 million, a price-to-earnings ratio of -0.30 and a beta of 1.80. The firm’s 50-day moving average price is $1.78 and its two-hundred day moving average price is $1.84. Fortress Biotech has a 1 year low of $1.24 and a 1 year high of $4.43.

Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $14.97 million. As a group, analysts anticipate that Fortress Biotech will post -2.65 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $24.00 price objective on shares of Fortress Biotech in a report on Friday, July 19th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Fortress Biotech in a research note on Thursday, June 20th. Finally, StockNews.com raised shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

Insider Buying and Selling

In related news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of Fortress Biotech stock in a transaction on Monday, September 23rd. The shares were bought at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the acquisition, the chief executive officer now owns 3,657,264 shares in the company, valued at approximately $6,729,365.76. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 33.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortress Biotech

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in Fortress Biotech in the first quarter worth about $31,000. 180 Wealth Advisors LLC purchased a new stake in shares of Fortress Biotech in the second quarter worth approximately $107,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Fortress Biotech during the 2nd quarter worth approximately $207,000. PVG Asset Management Corp purchased a new position in Fortress Biotech during the 2nd quarter valued at $266,000. Finally, Shikiar Asset Management Inc. grew its position in Fortress Biotech by 4.4% in 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. 96.51% of the stock is currently owned by institutional investors.

About Fortress Biotech

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.