Short Interest in Fortress Biotech, Inc. (NASDAQ:FBIO) Expands By 11.5%

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

Insider Activity at Fortress Biotech

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

Institutional Trading of Fortress Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Virtu Financial LLC purchased a new position in shares of Fortress Biotech in the 1st quarter valued at $31,000. PVG Asset Management Corp acquired a new position in shares of Fortress Biotech during the second quarter worth about $266,000. Atria Investments Inc boosted its position in shares of 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 buying an additional 26,351 shares during the period. Shikiar Asset Management Inc. grew its stake in shares of Fortress Biotech by 4.4% in the third quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after buying an additional 10,000 shares in the last quarter. Finally, 180 Wealth Advisors LLC purchased a new stake in shares of Fortress Biotech during the 2nd quarter valued at about $107,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Stock Down 4.8 %

Shares of NASDAQ:FBIO opened at $2.19 on Wednesday. The company has a market cap of $60.45 million, a P/E ratio of -0.72 and a beta of 1.70. The business has a fifty day simple moving average of $1.70 and a 200-day simple moving average of $1.83. Fortress Biotech has a 52 week low of $1.36 and a 52 week high of $4.43.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FBIO shares. HC Wainwright upped their price objective on Fortress Biotech from $24.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, November 18th. StockNews.com lowered shares of Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to MarketBeat, Fortress Biotech presently has an average rating of “Moderate Buy” and an average target price 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.