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

Fortress Biotech, Inc. (NASDAQ:FBIO) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 3,400,000 shares, an increase of 9.3% from the December 31st total of 3,110,000 shares. Currently, 17.2% of the shares of the company are short sold. Based on an average daily volume of 653,000 shares, the days-to-cover ratio is currently 5.2 days.

Fortress Biotech Price Performance

Fortress Biotech stock opened at $1.83 on Tuesday. The stock has a market cap of $50.37 million, a P/E ratio of -0.60 and a beta of 1.65. Fortress Biotech has a 1 year low of $1.36 and a 1 year high of $2.89. The firm’s 50 day moving average price is $1.96 and its 200-day moving average price is $1.87.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FBIO. HC Wainwright lifted their price objective on shares of 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 analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to data from MarketBeat, Fortress Biotech presently has a consensus rating of “Moderate Buy” and an average price target of $13.67.

Hedge Funds Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PFG Investments LLC grew its holdings in Fortress Biotech by 82.8% during the 4th quarter. PFG Investments LLC now owns 35,259 shares of the biopharmaceutical company’s stock worth $71,000 after acquiring an additional 15,968 shares during the last quarter. HB Wealth Management LLC grew its stake in Fortress Biotech by 93.1% during the fourth quarter. HB Wealth Management LLC now owns 106,850 shares of the biopharmaceutical company’s stock worth $232,000 after purchasing an additional 51,517 shares during the period. 180 Wealth Advisors LLC raised its stake in shares of Fortress Biotech by 19.0% in the fourth quarter. 180 Wealth Advisors LLC now owns 81,300 shares of the biopharmaceutical company’s stock worth $165,000 after purchasing an additional 13,000 shares during the last quarter. Weaver Consulting Group increased its position in Fortress Biotech by 33.0% in the fourth quarter. Weaver Consulting Group now owns 22,998 shares of the biopharmaceutical company’s stock worth $47,000 after buying an additional 5,700 shares during the last quarter. Finally, PVG Asset Management Corp boosted its holdings in Fortress Biotech by 140.1% in the 3rd quarter. PVG Asset Management Corp now owns 373,790 shares of the biopharmaceutical company’s stock valued at $540,000 after purchasing an additional 218,115 shares during the period. Institutional investors and hedge funds own 96.51% of the company’s stock.

About Fortress Biotech

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.