Fortress Biotech, Inc. (NASDAQ:FBIO) Sees Large Increase in Short Interest

Fortress Biotech, Inc. (NASDAQ:FBIO) saw a large growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,880,000 shares, a growth of 8.7% from the March 15th total of 1,730,000 shares. Based on an average trading volume of 392,200 shares, the days-to-cover ratio is currently 4.8 days. Currently, 14.1% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FBIO. Roth Mkm started coverage on shares of Fortress Biotech in a research report on Friday, March 15th. They set a “buy” rating and a $10.00 price target on the stock. StockNews.com lowered shares of Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, April 12th. Finally, Alliance Global Partners assumed coverage on shares of Fortress Biotech in a research note on Tuesday, March 19th. They issued a “buy” rating and a $5.00 price target for the company.

Hedge Funds Weigh In On Fortress Biotech

Several large investors have recently bought and sold shares of FBIO. Jefferies Financial Group Inc. acquired a new position in Fortress Biotech in the fourth quarter valued at $2,816,000. State Street Corp boosted its stake in shares of Fortress Biotech by 4.0% during the first quarter. State Street Corp now owns 1,292,970 shares of the biopharmaceutical company’s stock worth $1,758,000 after buying an additional 49,370 shares during the period. Renaissance Technologies LLC grew its stake in shares of Fortress Biotech by 1,005.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,101,300 shares of the biopharmaceutical company’s stock valued at $1,498,000 after purchasing an additional 1,001,653 shares during the last quarter. Millennium Management LLC grew its position in Fortress Biotech by 569.9% in the 2nd quarter. Millennium Management LLC now owns 876,193 shares of the biopharmaceutical company’s stock valued at $736,000 after buying an additional 745,405 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Fortress Biotech by 23.1% during the 2nd quarter. Geode Capital Management LLC now owns 859,385 shares of the biopharmaceutical company’s stock worth $473,000 after buying an additional 161,098 shares during the last quarter. Hedge funds and other institutional investors own 96.51% of the company’s stock.

Fortress Biotech Stock Up 1.7 %

Shares of FBIO stock traded up $0.03 during trading hours on Wednesday, reaching $1.79. 239,012 shares of the stock were exchanged, compared to its average volume of 408,820. The business’s fifty day moving average is $1.93 and its two-hundred day moving average is $2.28. The firm has a market capitalization of $34.45 million, a P/E ratio of -0.22 and a beta of 1.51. Fortress Biotech has a 12-month low of $1.24 and a 12-month high of $12.19. The company has a debt-to-equity ratio of 38.42, a current ratio of 1.38 and a quick ratio of 1.26.

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.