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

StockNews.com cut shares of Fortress Biotech (NASDAQ:FBIO) from a hold rating to a sell rating in a report released on Wednesday.

A number of other brokerages also recently issued reports on FBIO. Cantor Fitzgerald reissued an overweight rating on shares of Fortress Biotech in a research note on Thursday, June 20th. Roth Mkm reissued a buy rating and issued a $10.00 price objective on shares of Fortress Biotech in a research note on Thursday, May 16th. Finally, HC Wainwright reissued a buy rating and issued a $24.00 price objective on shares of Fortress Biotech in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $28.50.

Fortress Biotech Trading Down 13.5 %

Shares of FBIO stock opened at $2.25 on Wednesday. The firm has a market capitalization of $45.92 million, a P/E ratio of -0.37 and a beta of 1.74. Fortress Biotech has a twelve month low of $1.24 and a twelve month high of $9.00. The company has a quick ratio of 1.21, a current ratio of 1.33 and a debt-to-equity ratio of 38.42. The stock’s fifty day simple moving average is $1.91 and its 200 day simple moving average is $1.89.

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

Insider Buying and Selling

In related news, CEO Lindsay A. Md Rosenwald acquired 5,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was purchased at an average cost of $7.48 per share, with a total value of $37,400.00. Following the acquisition, the chief executive officer now owns 127,500 shares of the company’s stock, valued at approximately $953,700. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald bought 20,000 shares of Fortress Biotech stock in a transaction dated Friday, June 28th. The stock was bought at an average cost of $1.64 per share, with a total value of $32,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 2,893,905 shares in the company, valued at approximately $4,746,004.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Lindsay A. Md Rosenwald bought 5,000 shares of Fortress Biotech stock in a transaction dated Thursday, July 11th. The stock was acquired at an average cost of $7.48 per share, with a total value of $37,400.00. Following the completion of the acquisition, the chief executive officer now owns 127,500 shares of the company’s stock, valued at $953,700. The disclosure for this purchase can be found here. In the last three months, insiders have bought 40,500 shares of company stock valued at $128,300. 33.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortress Biotech

Institutional investors and hedge funds have recently bought and sold shares of the company. Armistice Capital LLC purchased a new stake in shares of Fortress Biotech during the fourth quarter worth $1,794,000. Acadian Asset Management LLC raised its position in shares of Fortress Biotech by 124.3% in the first quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock worth $582,000 after buying an additional 161,870 shares in the last quarter. Shikiar Asset Management Inc. raised its position in shares of Fortress Biotech by 21.8% in the first quarter. Shikiar Asset Management Inc. now owns 223,136 shares of the biopharmaceutical company’s stock worth $446,000 after buying an additional 40,000 shares in the last quarter. PVG Asset Management Corp purchased a new stake in shares of Fortress Biotech in the fourth quarter worth $396,000. Finally, 180 Wealth Advisors LLC purchased a new stake in shares of Fortress Biotech in the second quarter worth $107,000. 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.