Fortress Biotech Inc. (FBIO) Upgraded 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 research note issued to investors on Tuesday. The firm presently has a $3.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research’s price target points to a potential upside of 9.09% from the company’s current price.
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 report on Wednesday, July 20th.
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Fortress Biotech (NASDAQ:FBIO) traded up 4.96% during trading on Tuesday, reaching $2.75. The company had a trading volume of 156,919 shares. The company’s market capitalization is $133.84 million. The firm’s 50 day moving average is $2.76 and its 200 day moving average is $2.98. Fortress Biotech has a one year low of $2.10 and a one year high of $4.66.
Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 predict that Fortress Biotech will post ($1.03) earnings per share for the current year.
In other news, SVP George Avgerinos sold 48,912 shares of the business’s 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 transaction, the senior vice president now directly owns 293,000 shares in the company, valued at $747,150. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 31.54% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. increased its position 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 last quarter. Landscape Capital Management L.L.C. increased its position 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 last quarter. Schwab Charles Investment Management Inc. acquired a new position in shares of Fortress Biotech during the second quarter valued at approximately $154,000. Parametric Portfolio Associates LLC increased its position 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 last quarter. Finally, State Street Corp increased its position in shares of Fortress Biotech by 2,170.8% in the second quarter. State Street Corp now owns 268,632 shares of the biopharmaceutical company’s stock valued at $723,000 after buying an additional 256,802 shares during the last quarter. Institutional investors and hedge funds own 16.67% of the company’s stock.
About Fortress Biotech
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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