Fortress Biotech, Inc. (NASDAQ:FBIO) Sees Significant Growth in Short Interest

Fortress Biotech, Inc. (NASDAQ:FBIO) was the recipient of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 3,400,000 shares, an increase of 9.3% from the December 15th total of 3,110,000 shares. Based on an average trading volume of 653,000 shares, the days-to-cover ratio is presently 5.2 days. Approximately 17.2% of the company’s shares are sold short.

Analysts Set New Price Targets

Several research firms recently weighed in on FBIO. HC Wainwright lifted their target price on shares of Fortress Biotech from $24.00 to $26.00 and gave the company a “buy” rating in a report on Monday, November 18th. StockNews.com downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $13.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PVG Asset Management Corp raised its position in Fortress Biotech by 140.1% in the 3rd quarter. PVG Asset Management Corp now owns 373,790 shares of the biopharmaceutical company’s stock valued at $540,000 after purchasing an additional 218,115 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Fortress Biotech in the second quarter valued at approximately $207,000. HB Wealth Management LLC lifted its stake in Fortress Biotech by 93.1% in the fourth quarter. HB Wealth Management LLC now owns 106,850 shares of the biopharmaceutical company’s stock worth $232,000 after acquiring an additional 51,517 shares during the last quarter. Geode Capital Management LLC grew its holdings in Fortress Biotech by 28.8% during the 3rd quarter. Geode Capital Management LLC now owns 168,607 shares of the biopharmaceutical company’s stock worth $244,000 after acquiring an additional 37,736 shares in the last quarter. Finally, Atria Investments Inc increased its position 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 valued at $103,000 after purchasing an additional 26,351 shares during the last quarter. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

Fortress Biotech Stock Down 2.1 %

FBIO stock traded down $0.04 during midday trading on Monday, hitting $1.87. The company’s stock had a trading volume of 312,403 shares, compared to its average volume of 644,341. The firm has a 50-day simple moving average of $1.92 and a 200-day simple moving average of $1.88. The firm has a market capitalization of $51.62 million, a P/E ratio of -0.61 and a beta of 1.67. Fortress Biotech has a 52-week low of $1.36 and a 52-week high of $2.89.

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.