Fortress Biotech (NASDAQ:FBIO) Rating Lowered to Sell at StockNews.com

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

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $24.00 target price on shares of Fortress Biotech in a research report on Friday, July 19th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortress Biotech presently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Fortress Biotech Stock Down 8.9 %

Shares of FBIO traded down $0.14 during mid-day trading on Friday, reaching $1.43. The company had a trading volume of 817,581 shares, compared to its average volume of 388,422. The stock has a market capitalization of $32.62 million, a P/E ratio of -0.44 and a beta of 1.75. Fortress Biotech has a 52-week low of $1.30 and a 52-week high of $4.43. The stock has a 50 day moving average of $1.71 and a two-hundred day moving average of $1.83.

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

Insider Activity

In other news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were purchased at an average price of $1.84 per share, for a total transaction 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 $6,729,365.76. This represents a 26.38 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 33.40% of the company’s stock.

Hedge Funds Weigh In On Fortress Biotech

Hedge funds have recently bought and sold shares of the company. Acadian Asset Management LLC increased its holdings in Fortress Biotech by 124.3% in 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 in the last quarter. Virtu Financial LLC purchased a new stake in shares of Fortress Biotech during the 1st quarter valued at about $31,000. 180 Wealth Advisors LLC purchased a new stake in shares of Fortress Biotech during the 2nd quarter valued at about $107,000. B. Riley Wealth Advisors Inc. acquired a new position in Fortress Biotech during the 2nd quarter worth approximately $207,000. Finally, PVG Asset Management Corp purchased a new position in Fortress Biotech in the 2nd quarter worth approximately $266,000. 96.51% of the stock is owned by hedge funds and other 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.