Fortress Biotech Inc. (FBIO) Downgraded to Hold at Zacks Investment Research
Fortress Biotech Inc. (NASDAQ:FBIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
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. “
A number of other brokerages have also commented on FBIO. Roth Capital initiated coverage on shares of Fortress Biotech in a research note on Monday, October 3rd. They set a “buy” rating and a $9.00 price target for the company. FBR & Co restated an “outperform” rating on shares of Fortress Biotech in a research note on Wednesday, July 20th.
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Shares of Fortress Biotech (NASDAQ:FBIO) traded down 2.42% during trading on Tuesday, hitting $2.82. 49,481 shares of the stock traded hands. The stock’s market cap is $137.24 million. Fortress Biotech has a 1-year low of $2.10 and a 1-year high of $4.66. The stock has a 50 day moving average price of $2.78 and a 200-day moving average price of $2.97.
Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) EPS for the quarter, missing the Zacks’ 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%. Equities analysts forecast that Fortress Biotech will post ($1.03) EPS for the current year.
In other news, SVP George Avgerinos sold 48,912 shares of the company’s stock in a transaction on Friday, September 16th. The shares were 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 owns 293,000 shares in the company, valued at approximately $747,150. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 31.54% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. purchased a new stake in Fortress Biotech during the second quarter valued at about $154,000. Parametric Portfolio Associates LLC raised its stake in 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. State Street Corp raised its stake in 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. Teachers Advisors Inc. purchased a new stake in Fortress Biotech during the second quarter valued at about $146,000. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Fortress Biotech by 129.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 314,920 shares of the biopharmaceutical company’s stock valued at $847,000 after buying an additional 177,930 shares during the last quarter. Hedge funds and other 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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