Insider Buying: Fortress Biotech, Inc. (NASDAQ:FBIO) CEO Purchases 763,359 Shares of Stock

Fortress Biotech, Inc. (NASDAQ:FBIO) CEO Lindsay A. Md Rosenwald purchased 763,359 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was purchased at an average cost of $1.84 per share, for a total transaction of $1,404,580.56. Following the acquisition, the chief executive officer now owns 3,657,264 shares in the company, valued at $6,729,365.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Fortress Biotech Price Performance

NASDAQ:FBIO traded up $0.02 during mid-day trading on Wednesday, hitting $1.41. 1,048,424 shares of the company’s stock were exchanged, compared to its average volume of 342,561. Fortress Biotech, Inc. has a one year low of $1.24 and a one year high of $5.25. The company has a current ratio of 1.37, a quick ratio of 1.24 and a debt-to-equity ratio of 38.42. The business has a fifty day moving average price of $1.96 and a 200 day moving average price of $1.88.

Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings data on Tuesday, August 13th. The biopharmaceutical company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($1.32) by $0.59. The business had revenue of $14.90 million for the quarter, compared to the consensus estimate of $14.97 million. On average, sell-side analysts anticipate that Fortress Biotech, Inc. will post -2.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FBIO. Armistice Capital LLC purchased a new position in Fortress Biotech in the fourth quarter worth about $1,794,000. Acadian Asset Management LLC raised its holdings in Fortress Biotech by 124.3% in the first quarter. Acadian Asset Management LLC now owns 292,058 shares of the biopharmaceutical company’s stock worth $582,000 after buying an additional 161,870 shares during the last quarter. PVG Asset Management Corp purchased a new position in Fortress Biotech in the second quarter worth about $266,000. B. Riley Wealth Advisors Inc. purchased a new position in Fortress Biotech in the second quarter worth about $207,000. Finally, 180 Wealth Advisors LLC purchased a new position in Fortress Biotech in the second quarter worth about $107,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

About Fortress Biotech

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino an oral minocycline drug for the treatment of moderate to severe acne; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Exelderm cream for antifungal intended for topical use; Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Amzeeq; Zilxi; and Accutane capsules for severe recalcitrant nodular acne.