Integrated Wealth Concepts LLC Boosts Stock Holdings in Fortress Biotech, Inc. (NASDAQ:FBIO)

Integrated Wealth Concepts LLC grew its stake in shares of Fortress Biotech, Inc. (NASDAQ:FBIO) by 68.2% during the third quarter, Holdings Channel reports. The institutional investor owned 46,100 shares of the biopharmaceutical company’s stock after purchasing an additional 18,700 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Fortress Biotech were worth $67,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Shikiar Asset Management Inc. boosted its holdings in Fortress Biotech by 4.4% during the 3rd quarter. Shikiar Asset Management Inc. now owns 235,969 shares of the biopharmaceutical company’s stock valued at $342,000 after acquiring an additional 10,000 shares during the period. Atria Investments Inc boosted its stake in shares of Fortress Biotech by 58.4% during the third quarter. Atria Investments Inc now owns 71,484 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 26,351 shares during the period. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Fortress Biotech during the second quarter valued at approximately $207,000. Finally, PVG Asset Management Corp bought a new position in shares of Fortress Biotech in the second quarter worth approximately $266,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Stock Down 2.5 %

Shares of Fortress Biotech stock opened at $1.94 on Friday. The business has a 50 day moving average of $1.81 and a 200 day moving average of $1.85. Fortress Biotech, Inc. has a 52 week low of $1.36 and a 52 week high of $4.43. The company has a market cap of $53.54 million, a PE ratio of -0.64 and a beta of 1.70.

Insiders Place Their Bets

In other news, CEO Lindsay A. Md Rosenwald acquired 763,359 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were acquired at an average cost of $1.84 per share, with a total value of $1,404,580.56. Following the transaction, the chief executive officer now owns 3,657,264 shares in the company, valued at $6,729,365.76. The trade was a 26.38 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 33.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FBIO. StockNews.com lowered shares of Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, November 15th. HC Wainwright upped their price objective 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. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $13.67.

Fortress Biotech 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.