Arete Wealth Advisors LLC acquired a new position in shares of Fortress Biotech, Inc. (NASDAQ:FBIO – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 52,547 shares of the biopharmaceutical company’s stock, valued at approximately $24,433,000,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Jefferies Financial Group Inc. bought a new position in Fortress Biotech during the fourth quarter worth $2,816,000. State Street Corp boosted its position in shares of Fortress Biotech by 4.0% in the first quarter. State Street Corp now owns 1,292,970 shares of the biopharmaceutical company’s stock valued at $1,758,000 after acquiring an additional 49,370 shares during the period. Shikiar Asset Management Inc. bought a new stake in shares of Fortress Biotech in the first quarter valued at about $959,000. Renaissance Technologies LLC boosted its position in shares of Fortress Biotech by 1,005.2% in the first quarter. Renaissance Technologies LLC now owns 1,101,300 shares of the biopharmaceutical company’s stock valued at $1,498,000 after acquiring an additional 1,001,653 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Fortress Biotech by 569.9% in the second quarter. Millennium Management LLC now owns 876,193 shares of the biopharmaceutical company’s stock valued at $736,000 after acquiring an additional 745,405 shares during the period. 25.81% of the stock is owned by institutional investors.
Fortress Biotech Trading Up 4.4 %
FBIO opened at $0.65 on Tuesday. Fortress Biotech, Inc. has a twelve month low of $0.48 and a twelve month high of $1.33. The company has a 50-day simple moving average of $0.57 and a 200 day simple moving average of $0.71. The company has a quick ratio of 1.46, a current ratio of 1.56 and a debt-to-equity ratio of 4.62. The stock has a market capitalization of $86.64 million, a price-to-earnings ratio of -0.65 and a beta of 1.99.
Analyst Ratings Changes
FBIO has been the subject of a number of recent research reports. Roth Capital reissued a “buy” rating on shares of Fortress Biotech in a research report on Tuesday, April 4th. StockNews.com cut shares of Fortress Biotech from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Benchmark reissued a “speculative buy” rating and issued a $5.00 target price on shares of Fortress Biotech in a research report on Thursday, April 6th. Finally, Cantor Fitzgerald reduced their target price on shares of Fortress Biotech from $6.00 to $5.00 in a research report on Tuesday, May 16th. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $5.33.
Fortress Biotech Company Profile
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.
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