Fortress Biotech (NASDAQ:FBIO) Stock Price Expected to Rise, HC Wainwright Analyst Says

Fortress Biotech (NASDAQ:FBIO) had its target price increased by equities researchers at HC Wainwright from $24.00 to $26.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock.

Separately, StockNews.com lowered shares of Fortress Biotech from a “hold” rating to a “sell” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, Fortress Biotech presently has an average rating of “Moderate Buy” and a consensus target price of $13.67.

Fortress Biotech Stock Performance

Shares of Fortress Biotech stock opened at $1.43 on Monday. 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 price of $1.71 and a two-hundred day moving average price of $1.83. The stock has a market capitalization of $32.62 million, a PE ratio of -0.47 and a beta of 1.75.

Insiders Place Their Bets

In related news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was acquired 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 33.40% of the company’s stock.

Institutional Trading of Fortress Biotech

A number of institutional investors and hedge funds have recently modified their holdings of the business. Virtu Financial LLC purchased a new position in Fortress Biotech in the first quarter worth $31,000. Integrated Wealth Concepts LLC raised its stake in shares of Fortress Biotech by 68.2% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock worth $67,000 after purchasing an additional 18,700 shares during the period. Atria Investments Inc boosted its holdings in shares of Fortress Biotech by 58.4% in the 3rd 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. 180 Wealth Advisors LLC bought a new position in Fortress Biotech during the second quarter valued at about $107,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in Fortress Biotech during the second quarter valued at about $207,000. 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.