Fortress Biotech, Inc. (NASDAQ:FBIO) Position Lowered by Meridian Wealth Management LLC

Meridian Wealth Management LLC reduced its position in Fortress Biotech, Inc. (NASDAQ:FBIO) by 68.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,500 shares of the biopharmaceutical company’s stock after selling 45,000 shares during the quarter. Meridian Wealth Management LLC owned approximately 0.09% of Fortress Biotech worth $30,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FBIO. Shikiar Asset Management Inc. increased its holdings in shares of Fortress Biotech by 4.4% in the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after acquiring an additional 10,000 shares during the last quarter. Virtu Financial LLC bought a new stake in Fortress Biotech during the first quarter valued at $31,000. 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 worth $103,000 after purchasing an additional 26,351 shares during the period. 180 Wealth Advisors LLC acquired a new stake in shares of Fortress Biotech during the second quarter worth $107,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Fortress Biotech in the 2nd quarter worth about $207,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Insider Buying and Selling at Fortress Biotech

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of Fortress Biotech stock in a transaction on Monday, September 23rd. The stock was bought at an average price of $1.84 per share, for a total transaction of $1,404,580.56. Following the transaction, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. The trade was a 26.38 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 33.40% of the stock is owned by company insiders.

Fortress Biotech Stock Up 4.3 %

FBIO stock opened at $1.68 on Tuesday. The firm’s 50-day simple moving average is $1.68 and its 200 day simple moving average is $1.83. The stock has a market cap of $46.37 million, a PE ratio of -0.55 and a beta of 1.75. Fortress Biotech, Inc. has a fifty-two week low of $1.36 and a fifty-two week high of $4.43.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FBIO shares. HC Wainwright boosted their price objective on shares of Fortress Biotech from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, November 18th. StockNews.com lowered 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 given a buy rating to the stock. Based on data from MarketBeat.com, Fortress Biotech has a consensus rating of “Moderate Buy” and an average price target of $13.67.

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.