Fortress Biotech, Inc. (NASDAQ:FBIO) Short Interest Up 8.3% in September

Fortress Biotech, Inc. (NASDAQ:FBIO) was the target of a significant growth in short interest during the month of September. As of September 30th, there was short interest totalling 2,350,000 shares, a growth of 8.3% from the September 15th total of 2,170,000 shares. Approximately 10.7% of the shares of the company are short sold. Based on an average daily trading volume, of 471,500 shares, the short-interest ratio is presently 5.0 days.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FBIO shares. StockNews.com upgraded Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Wednesday, August 14th. HC Wainwright restated a “buy” rating and set a $24.00 price target on shares of Fortress Biotech in a research note on Friday, July 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Fortress Biotech in a research note on Thursday, June 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.00.

Insider Buying and Selling

In related news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were bought 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 owns 3,657,264 shares of the company’s stock, valued at $6,729,365.76. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 33.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Shikiar Asset Management Inc. grew its position in Fortress Biotech by 4.4% during the third quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock worth $342,000 after buying an additional 10,000 shares in the last quarter. PVG Asset Management Corp bought a new stake in shares of Fortress Biotech during the 2nd quarter valued at about $266,000. B. Riley Wealth Advisors Inc. purchased a new position in shares of Fortress Biotech during the second quarter worth about $207,000. 180 Wealth Advisors LLC bought a new position in shares of Fortress Biotech in the second quarter worth approximately $107,000. Finally, Virtu Financial LLC purchased a new stake in Fortress Biotech in the first quarter valued at approximately $31,000. Institutional investors own 96.51% of the company’s stock.

Fortress Biotech Price Performance

Shares of FBIO traded up $0.06 during midday trading on Thursday, hitting $1.81. 677,528 shares of the company traded hands, compared to its average volume of 365,654. Fortress Biotech has a one year low of $1.24 and a one year high of $4.43. The firm has a market cap of $36.95 million, a P/E ratio of -0.30 and a beta of 1.80. The stock has a 50-day moving average of $1.78 and a 200-day moving average of $1.84.

Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings data on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) EPS for the quarter, beating the consensus estimate of ($1.32) by $0.59. The firm had revenue of $14.90 million for the quarter, compared to analysts’ expectations of $14.97 million. Sell-side analysts forecast that Fortress Biotech will post -2.65 EPS for the current fiscal year.

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.