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

StockNews.com downgraded shares of Fortress Biotech (NASDAQ:FBIO) from a hold rating to a sell rating in a research report released on Friday.

Separately, HC Wainwright reissued a “buy” rating and set a $24.00 target price on shares of Fortress Biotech in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $13.67.

Fortress Biotech Price Performance

Fortress Biotech stock opened at $1.48 on Friday. The firm has a 50 day simple moving average of $1.70 and a 200-day simple moving average of $1.83. The stock has a market cap of $33.76 million, a price-to-earnings ratio of -0.49 and a beta of 1.75. Fortress Biotech has a 1-year low of $1.36 and a 1-year high of $4.43.

Insider Buying and Selling at Fortress Biotech

In other news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the firm’s 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 completion of the purchase, the chief executive officer now directly owns 3,657,264 shares of the company’s stock, valued at approximately $6,729,365.76. This trade represents a 26.38 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 33.40% of the company’s stock.

Institutional Investors Weigh In On Fortress Biotech

A number of institutional investors have recently modified their holdings of FBIO. Geode Capital Management LLC boosted its holdings in Fortress Biotech by 28.8% during the 3rd quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock valued at $244,000 after acquiring an additional 37,736 shares during the period. Integrated Wealth Concepts LLC boosted its stake in shares of Fortress Biotech by 68.2% in the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 18,700 shares during the period. Atria Investments Inc grew its holdings in shares of Fortress Biotech by 58.4% in the third quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 26,351 shares in the last quarter. Shikiar Asset Management Inc. increased its stake in Fortress Biotech by 4.4% during the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock worth $342,000 after buying an additional 10,000 shares during the period. Finally, PVG Asset Management Corp acquired a new stake in Fortress Biotech during the 2nd quarter worth approximately $266,000. 96.51% of the stock is 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.