The stock of Fortress Biotech, Inc. (NASDAQ:FBIO) is now priced at $3.78 and the shares are 0.47 points up or 14.2% higher compared to its previous closing price of $3.31. The stock had 7.461 million contracts set over the past session. FBIO shares’ daily volume is compared to its average trading volume at 1.179 million shares. However, it has a float of 65.58 million and although its performance was 3.56% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the FBIO share price recently placing at $3.3598 to $4.02. However, some brokerage firms have priced the stock below the average, including one that has called $5.
The shorts are running away from the Fortress Biotech, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the FBIO shares have declined. Short interest in the stock represents just 2.29% of its float, but the volume has dropped by -80608. The volume of shorted shares dropped to 1.504 million from 1.584 million shares over the last two weeks. The average intraday trading volume has been 896966 shares, which means that days to cover moved to roughly 1.676595.
In the last trading session, Fortress Biotech, Inc. (NASDAQ:FBIO) raised by $0.13 over the week and gained $1 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $4.02. The stock recorded its established 52-week high on 08/28/20.
Since 03/16/20, the stock has traded to a low of $1.04 at 263.46%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.13. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Fortress Biotech, Inc.’s two-week RSI is 67.66. This suggests that the stock is neutral at the moment and that FBIO shares’ price movement remains stable. The stochastic readings are equally revealing at 56.96% meaning the FBIO share price is currently in neutral territory.
The technical chart shows that the FBIO stock will likely settle at between $4.08 and $4.38 per share. However, if the stock dips below $3.42, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.06.
Currently, the stock is trading in the red of MACD, with a reading of -0.01. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned FBIO a rating of Buy in their intiating review released on December 18. B. Riley FBR, Inc. analysts see the stock as a Buy with a target price of $10 in a flash note released to investors on February 28 initiating covering the stock. Rodman & Renshaw analysts see the stock as Buy when the analysts initiated the share price coverage on July 11, placing it at $11.
The average rating for the FBIO equity is 2 and is currently gathering a bullish momentum. Of 5 analysts tracking Fortress Biotech, Inc. polled by Reuters, 0 rated FBIO as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Fortress Biotech, Inc. (NASDAQ:FBIO) will decrease by about -99.88%, which will see them reach $11.36 million. The company’s full-year revenues are, however, expected to increase by about 27.79%, up from $36.63 million to $46.81 million. FBIO’s expected adjusted earnings should surge almost 9.09% to end up at -$0.24 per share, while for the fiscal year, analysts project the company’s earnings to grow by about 30.14% to record -$0.95/share.