Fortress Biotech (NASDAQ:FBIO) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of Fortress Biotech (NASDAQ:FBIO) from a hold rating to a sell rating in a research note published on Thursday morning.

Other research analysts have also recently issued reports about the company. Roth Mkm reissued a buy rating and issued a $10.00 target price on shares of Fortress Biotech in a research note on Thursday, May 16th. HC Wainwright restated a buy rating and set a $24.00 price objective on shares of Fortress Biotech in a report on Friday, July 19th. Finally, Cantor Fitzgerald reiterated an overweight rating on shares of Fortress Biotech in a report on Thursday, June 20th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, Fortress Biotech presently has a consensus rating of Moderate Buy and an average target price of $28.50.

Fortress Biotech Price Performance

Shares of FBIO opened at $2.05 on Thursday. The company has a debt-to-equity ratio of 38.42, a current ratio of 1.33 and a quick ratio of 1.21. The business’s 50 day simple moving average is $1.92 and its 200-day simple moving average is $1.90. Fortress Biotech has a one year low of $1.24 and a one year high of $9.00.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Wednesday, May 15th. The biopharmaceutical company reported ($1.03) EPS for the quarter, beating the consensus estimate of ($2.03) by $1.00. The firm had revenue of $13.03 million during the quarter, compared to analyst estimates of $14.33 million. As a group, equities analysts anticipate that Fortress Biotech will post -5.07 EPS for the current fiscal year.

Insider Activity

In other news, CEO Lindsay A. Md Rosenwald purchased 20,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $1.64 per share, for a total transaction of $32,800.00. Following the completion of the purchase, the chief executive officer now directly owns 2,893,905 shares in the company, valued at approximately $4,746,004.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Lindsay A. Md Rosenwald purchased 20,000 shares of the business’s stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $1.64 per share, for a total transaction of $32,800.00. Following the completion of the purchase, the chief executive officer now directly owns 2,893,905 shares in the company, valued at approximately $4,746,004.20. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lindsay A. Md Rosenwald purchased 5,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was purchased at an average price of $7.35 per share, with a total value of $36,750.00. Following the purchase, the chief executive officer now owns 117,500 shares of the company’s stock, valued at $863,625. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 40,500 shares of company stock valued at $128,300. 33.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortress Biotech

Several large investors have recently modified their holdings of FBIO. Armistice Capital LLC bought a new position in shares of Fortress Biotech in the fourth quarter valued at about $1,794,000. Acadian Asset Management LLC increased its position in Fortress Biotech by 124.3% during the first quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock worth $582,000 after acquiring an additional 161,870 shares during the period. PVG Asset Management Corp bought a new position in Fortress Biotech during the fourth quarter worth about $396,000. 180 Wealth Advisors LLC bought a new position in Fortress Biotech during the second quarter worth about $107,000. Finally, Shikiar Asset Management Inc. increased its position in Fortress Biotech by 21.8% during the first quarter. Shikiar Asset Management Inc. now owns 223,136 shares of the biopharmaceutical company’s stock worth $446,000 after acquiring an additional 40,000 shares during the period. 96.51% of the stock is owned by institutional investors.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino an oral minocycline drug for the treatment of moderate to severe acne; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Exelderm cream for antifungal intended for topical use; Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Amzeeq; Zilxi; and Accutane capsules for severe recalcitrant nodular acne.