Fortress Biotech, Inc. (NASDAQ:FBIO) Short Interest Up 8.7% in March

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

Fortress Biotech Price Performance

NASDAQ:FBIO traded up $0.03 during trading hours on Wednesday, hitting $1.79. 239,012 shares of the stock traded hands, compared to its average volume of 408,820. The company has a market cap of $34.45 million, a price-to-earnings ratio of -0.22 and a beta of 1.51. Fortress Biotech has a 1 year low of $1.24 and a 1 year high of $12.19. The stock has a 50 day moving average price of $1.93 and a 200 day moving average price of $2.28. The company has a quick ratio of 1.26, a current ratio of 1.38 and a debt-to-equity ratio of 38.42.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FBIO. Jefferies Financial Group Inc. purchased a new stake in Fortress Biotech in the 4th quarter worth $2,816,000. Renaissance Technologies LLC grew its position in shares of Fortress Biotech by 1,005.2% during the first quarter. Renaissance Technologies LLC now owns 1,101,300 shares of the biopharmaceutical company’s stock worth $1,498,000 after purchasing an additional 1,001,653 shares in the last quarter. CI Private Wealth LLC bought a new stake in Fortress Biotech during the 4th quarter valued at approximately $519,000. Millennium Management LLC boosted its stake in Fortress Biotech by 569.9% in the 2nd quarter. Millennium Management LLC now owns 876,193 shares of the biopharmaceutical company’s stock worth $736,000 after purchasing an additional 745,405 shares during the period. Finally, Armistice Capital LLC purchased a new stake in Fortress Biotech during the 4th quarter valued at approximately $1,794,000. Hedge funds and other institutional investors own 96.51% of the company’s stock.

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.