HC Wainwright Forecasts Strong Price Appreciation for Fortress Biotech (NASDAQ:FBIO) Stock

Fortress Biotech (NASDAQ:FBIO) had its price objective upped by HC Wainwright from $24.00 to $26.00 in a research report sent to investors on Monday morning,Benzinga reports. HC Wainwright currently has a buy rating on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Fortress Biotech’s Q4 2024 earnings at ($0.83) EPS, FY2025 earnings at ($1.38) EPS, FY2026 earnings at ($1.07) EPS and FY2027 earnings at ($0.46) EPS.

Separately, StockNews.com lowered Fortress Biotech from a “hold” rating to a “sell” rating in a research note 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. According to data from MarketBeat.com, Fortress Biotech currently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

Fortress Biotech Stock Down 1.3 %

FBIO stock opened at $1.57 on Monday. The business’s fifty day simple moving average is $1.69 and its two-hundred day simple moving average is $1.83. Fortress Biotech has a twelve month low of $1.36 and a twelve month high of $4.43. The firm has a market cap of $43.33 million, a price-to-earnings ratio of -0.51 and a beta of 1.75.

Insider Buying and Selling at Fortress Biotech

In related news, CEO Lindsay A. Md Rosenwald bought 763,359 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were bought at an average price of $1.84 per share, for a total transaction of $1,404,580.56. Following the completion of the purchase, the chief executive officer now directly owns 3,657,264 shares of the company’s stock, valued at approximately $6,729,365.76. This trade represents a 26.38 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 33.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortress Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Virtu Financial LLC acquired a new stake in Fortress Biotech in the first quarter worth about $31,000. Integrated Wealth Concepts LLC boosted its holdings in Fortress Biotech by 68.2% in the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock worth $67,000 after acquiring an additional 18,700 shares in the last quarter. Atria Investments Inc boosted its holdings 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 second quarter worth about $107,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Fortress Biotech in the second quarter worth about $207,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

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.