Fortress Biotech, Inc. (NASDAQ:FBIO) Stake Lessened by Meridian Wealth Management LLC

Meridian Wealth Management LLC decreased its position in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) by 68.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 20,500 shares of the biopharmaceutical company’s stock after selling 45,000 shares during the quarter. Meridian Wealth Management LLC’s holdings in Fortress Biotech were worth $30,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new stake in shares of Fortress Biotech in the 1st quarter worth $31,000. Atria Investments Inc raised its position in Fortress Biotech by 58.4% in the third quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock worth $103,000 after acquiring an additional 26,351 shares in the last quarter. 180 Wealth Advisors LLC acquired a new stake in Fortress Biotech in the 2nd quarter valued at about $107,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Fortress Biotech during the 2nd quarter valued at about $207,000. Finally, PVG Asset Management Corp acquired a new position in shares of Fortress Biotech in the 2nd quarter worth approximately $266,000. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Fortress Biotech Trading Up 4.3 %

FBIO stock opened at $1.68 on Tuesday. Fortress Biotech, Inc. has a one year low of $1.36 and a one year high of $4.43. The firm has a 50-day moving average of $1.68 and a two-hundred day moving average of $1.83. The firm has a market capitalization of $46.37 million, a PE ratio of -0.55 and a beta of 1.75.

Insider Activity

In other Fortress Biotech news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were purchased at an average cost of $1.84 per share, with a total value of $1,404,580.56. Following the completion of the transaction, the chief executive officer now owns 3,657,264 shares of the company’s stock, valued at approximately $6,729,365.76. This represents a 26.38 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 33.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FBIO has been the subject of several recent research reports. HC Wainwright increased their target price on shares of Fortress Biotech from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Monday, November 18th. StockNews.com downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, 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.