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

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

Separately, StockNews.com downgraded shares of Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

Fortress Biotech Trading Up 7.4 %

FBIO opened at $1.59 on Monday. The company has a 50 day moving average of $1.70 and a 200 day moving average of $1.83. The company has a market cap of $43.88 million, a PE ratio of -0.52 and a beta of 1.75. Fortress Biotech has a 12 month low of $1.36 and a 12 month high of $4.43.

Insider Buying and Selling at Fortress Biotech

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald acquired 763,359 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were acquired at an average price of $1.84 per share, with a total value 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. The trade was a 26.38 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 33.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in FBIO. Geode Capital Management LLC raised its holdings in shares of Fortress Biotech by 28.8% during the third quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock valued at $244,000 after purchasing an additional 37,736 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Fortress Biotech by 68.2% during 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 last quarter. Atria Investments Inc raised its holdings in shares of Fortress Biotech by 58.4% during 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 last quarter. Shikiar Asset Management Inc. raised its holdings in shares of Fortress Biotech by 4.4% during the third 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 last quarter. Finally, PVG Asset Management Corp purchased a new position in shares of Fortress Biotech during the second quarter valued at approximately $266,000. Institutional investors own 96.51% of the company’s stock.

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.