HC Wainwright Issues Positive Forecast for Fortress Biotech (NASDAQ:FBIO) Stock Price

Fortress Biotech (NASDAQ:FBIO) had its target price raised by HC Wainwright from $24.00 to $26.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

Separately, StockNews.com downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.67.

Fortress Biotech Stock Up 3.5 %

FBIO opened at $1.48 on Monday. The stock’s fifty day moving average is $1.70 and its two-hundred day moving average is $1.83. The company has a market capitalization of $33.76 million, a P/E ratio of -0.49 and a beta of 1.75. Fortress Biotech has a 52 week low of $1.36 and a 52 week high of $4.43.

Insider Buying and Selling at Fortress Biotech

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of Fortress Biotech stock in a transaction on Monday, September 23rd. The stock was bought at an average cost of $1.84 per share, with a total value 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. This represents a 26.38 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 33.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortress Biotech

Several large investors have recently made changes to their positions in the company. Shikiar Asset Management Inc. lifted its stake in shares of 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 purchasing an additional 10,000 shares during the period. Virtu Financial LLC acquired a new position in Fortress Biotech during the first quarter worth $31,000. Integrated Wealth Concepts LLC raised its position 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 raised its position 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, Geode Capital Management LLC raised its position in Fortress Biotech by 28.8% during the third quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock worth $244,000 after acquiring an additional 37,736 shares during the period. 96.51% of the stock is currently owned by institutional investors and hedge funds.

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.