Fortress Biotech, Inc. (NASDAQ:FBIO) Sees Significant Growth in Short Interest

Fortress Biotech, Inc. (NASDAQ:FBIO) saw a large growth in short interest in November. As of November 15th, there was short interest totalling 2,920,000 shares, a growth of 11.5% from the October 31st total of 2,620,000 shares. Based on an average daily volume of 595,800 shares, the short-interest ratio is currently 4.9 days. Approximately 13.3% of the company’s stock are short sold.

Insider Transactions at Fortress Biotech

In other news, CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 3,657,264 shares in the company, valued at $6,729,365.76. This trade represents a 26.38 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 33.40% of the company’s stock.

Institutional Trading of Fortress Biotech

A number of hedge funds have recently modified their holdings of the company. Virtu Financial LLC acquired a new position in shares of Fortress Biotech in the first quarter valued at $31,000. Integrated Wealth Concepts LLC boosted its stake in Fortress Biotech by 68.2% during the third quarter. Integrated Wealth Concepts LLC now owns 46,100 shares of the biopharmaceutical company’s stock worth $67,000 after buying an additional 18,700 shares in the last quarter. 180 Wealth Advisors LLC acquired a new position in shares of Fortress Biotech in the 2nd quarter valued at $107,000. Atria Investments Inc lifted its holdings in shares of Fortress Biotech by 58.4% during the 3rd 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 during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Fortress Biotech during the 2nd quarter valued at about $207,000. Institutional investors own 96.51% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. StockNews.com lowered Fortress Biotech from a “hold” rating to a “sell” rating in a research note on Friday, November 15th. HC Wainwright lifted their price target on Fortress Biotech from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Fortress Biotech has an average rating of “Moderate Buy” and a consensus price target of $13.67.

Fortress Biotech Stock Performance

Shares of FBIO traded up $0.06 during trading hours on Monday, reaching $2.19. 1,339,012 shares of the company traded hands, compared to its average volume of 397,326. The stock’s fifty day moving average is $1.68 and its 200 day moving average is $1.83. Fortress Biotech has a 1-year low of $1.36 and a 1-year high of $4.43. The stock has a market cap of $60.44 million, a P/E ratio of -0.71 and a beta of 1.75.

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.