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

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

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

Fortress Biotech Trading Down 8.9 %

Fortress Biotech stock opened at $1.43 on Friday. The stock has a fifty day moving average price of $1.71 and a 200 day moving average price of $1.83. Fortress Biotech has a 52 week low of $1.30 and a 52 week high of $4.43. The firm has a market capitalization of $32.62 million, a P/E ratio of -0.44 and a beta of 1.75.

Insider Activity at Fortress Biotech

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was purchased at an average price 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 in the company, valued at $6,729,365.76. This trade represents a 26.38 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 33.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FBIO. Virtu Financial LLC acquired a new stake in shares of Fortress Biotech in the first quarter worth $31,000. Integrated Wealth Concepts LLC boosted its position in 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. 180 Wealth Advisors LLC acquired a new stake in Fortress Biotech in the 2nd quarter valued at $107,000. Atria Investments Inc raised its position in 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 during the period. Finally, B. Riley Wealth Advisors Inc. purchased a new position in Fortress Biotech in the second quarter valued at about $207,000. 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.