Fortress Biotech Inc. (FBIO) Rating Increased to Buy at Zacks Investment Research
Fortress Biotech Inc. (NASDAQ:FBIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $3.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research’s target price would suggest a potential upside of 9.09% from the stock’s previous close.
According to Zacks, “Fortress Biotech, Inc. is a biopharmaceutical company. The company is engaged in acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress Biotech, Inc., formerly known as Coronado Biosciences, Inc., is based in NEW YORK, United States. “
Separately, FBR & Co reissued an “outperform” rating on shares of Fortress Biotech in a research note on Wednesday, July 20th.
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Fortress Biotech (NASDAQ:FBIO) traded up 4.96% during midday trading on Tuesday, reaching $2.75. The company had a trading volume of 156,919 shares. The company’s market cap is $133.84 million. The company’s 50-day moving average is $2.76 and its 200 day moving average is $2.98. Fortress Biotech has a 52-week low of $2.10 and a 52-week high of $4.66.
Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.29) by $0.02. Fortress Biotech had a negative net margin of 1,687.06% and a negative return on equity of 79.62%. On average, equities research analysts forecast that Fortress Biotech will post ($1.03) EPS for the current year.
In other Fortress Biotech news, SVP George Avgerinos sold 48,912 shares of the stock in a transaction dated Friday, September 16th. The stock was sold at an average price of $2.55, for a total value of $124,725.60. Following the completion of the sale, the senior vice president now directly owns 293,000 shares in the company, valued at $747,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.54% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the company. Teachers Advisors Inc. acquired a new stake in shares of Fortress Biotech during the second quarter valued at about $146,000. Schwab Charles Investment Management Inc. acquired a new stake in shares of Fortress Biotech during the second quarter valued at about $154,000. Parametric Portfolio Associates LLC increased its stake in shares of Fortress Biotech by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 57,196 shares of the biopharmaceutical company’s stock valued at $154,000 after buying an additional 344 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Fortress Biotech by 369.1% in the first quarter. Goldman Sachs Group Inc. now owns 57,548 shares of the biopharmaceutical company’s stock valued at $178,000 after buying an additional 45,280 shares during the period. Finally, Landscape Capital Management L.L.C. increased its stake in shares of Fortress Biotech by 208.0% in the first quarter. Landscape Capital Management L.L.C. now owns 69,290 shares of the biopharmaceutical company’s stock valued at $215,000 after buying an additional 46,790 shares during the period. Institutional investors own 16.67% of the company’s stock.
Fortress Biotech Company Profile
Fortress Biotech, Inc, formerly Coronado Biosciences, Inc, is a biopharmaceutical company. The Company is involved in the development of immunotherapy agents for the treatment of autoimmune diseases and cancer. Its sole product candidate is CNDO-109. The Company is also focused on acquiring, developing and commercializing pharmaceutical and biotechnology products.
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