Wealth Enhancement Advisory Services LLC Has $44,000 Stock Holdings in Fortress Biotech, Inc. (NASDAQ:FBIO)

Wealth Enhancement Advisory Services LLC cut its position in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) by 39.9% during the 3rd quarter, Holdings Channel reports. The firm owned 30,550 shares of the biopharmaceutical company’s stock after selling 20,266 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Fortress Biotech were worth $44,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC increased its stake in shares of Fortress Biotech by 124.3% during the 1st quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock worth $582,000 after purchasing an additional 161,870 shares during the last quarter. Shikiar Asset Management Inc. increased its stake in shares of 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 purchasing an additional 10,000 shares during the last quarter. PVG Asset Management Corp acquired a new position in shares of Fortress Biotech during the 2nd quarter worth about $266,000. B. Riley Wealth Advisors Inc. acquired a new position in shares of Fortress Biotech during the 2nd quarter worth about $207,000. Finally, 180 Wealth Advisors LLC acquired a new position in Fortress Biotech in the 2nd quarter valued at about $107,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 3,657,264 shares in the company, valued at approximately $6,729,365.76. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 33.40% of the company’s stock.

Fortress Biotech Stock Down 2.9 %

Shares of NASDAQ:FBIO opened at $1.65 on Thursday. The company’s 50 day moving average price is $1.72 and its two-hundred day moving average price is $1.83. Fortress Biotech, Inc. has a 12-month low of $1.29 and a 12-month high of $4.43. The firm has a market cap of $37.64 million, a PE ratio of -0.51 and a beta of 1.75.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on FBIO. StockNews.com upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. HC Wainwright reiterated a “buy” rating and issued a $24.00 price target on shares of Fortress Biotech in a research note on Friday, July 19th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.00.

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.