Fortress Biotech (NASDAQ:FBIO) Price Target Raised to $26.00

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

Separately, StockNews.com lowered Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday. One research 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 a consensus price target of $13.67.

Fortress Biotech Price Performance

NASDAQ:FBIO opened at $1.43 on Monday. The company has a market capitalization of $32.62 million, a P/E ratio of -0.47 and a beta of 1.75. The business has a fifty day simple moving average of $1.71 and a two-hundred day simple moving average of $1.83. Fortress Biotech has a 1 year low of $1.30 and a 1 year high of $4.43.

Insider Buying and Selling at Fortress Biotech

In related news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of Fortress Biotech stock in a transaction on Monday, September 23rd. The stock was acquired at an average price of $1.84 per share, with a total value of $1,404,580.56. Following the acquisition, the chief executive officer now directly owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. This represents a 26.38 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 33.40% of the company’s stock.

Institutional Investors Weigh In On Fortress Biotech

Institutional investors and hedge funds have recently modified their holdings of the company. Virtu Financial LLC bought a new stake in Fortress Biotech during the 1st quarter worth approximately $31,000. Integrated Wealth Concepts LLC boosted its holdings in Fortress Biotech by 68.2% in the 3rd 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 period. Atria Investments Inc grew its position in shares of Fortress Biotech by 58.4% during 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 in the last quarter. 180 Wealth Advisors LLC bought a new position in shares of Fortress Biotech in the second quarter worth $107,000. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in shares of Fortress Biotech in the second quarter worth $207,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

Fortress Biotech Company Profile

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.