Fortress Biotech Inc (FBIO) Upgraded to Buy by Zacks Investment Research
Fortress Biotech Inc (NASDAQ:FBIO) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage presently has a $4.50 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 16.58% from the company’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. “
Several other brokerages have also recently issued reports on FBIO. JMP Securities started coverage on shares of Fortress Biotech in a research note on Wednesday, March 22nd. They set an “outperform” rating and a $11.00 price objective for the company. FBR & Co reaffirmed a “buy” rating on shares of Fortress Biotech in a research note on Thursday, April 6th.
Shares of Fortress Biotech (NASDAQ:FBIO) traded down 2.28% on Monday, hitting $3.86. 211,283 shares of the company were exchanged. Fortress Biotech has a 52-week low of $1.88 and a 52-week high of $4.14. The firm’s 50-day moving average is $3.55 and its 200-day moving average is $2.89. The stock’s market capitalization is $194.28 million.
Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.06. Fortress Biotech had a negative net margin of 1,182.49% and a negative return on equity of 68.82%. The company had revenue of $2.78 million during the quarter, compared to analysts’ expectations of $47.04 million. Equities research analysts predict that Fortress Biotech will post ($1.28) earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of FBIO. KCG Holdings Inc. purchased a new position in Fortress Biotech during the first quarter valued at $188,000. Geode Capital Management LLC raised its position in Fortress Biotech by 3.2% in the first quarter. Geode Capital Management LLC now owns 288,566 shares of the biopharmaceutical company’s stock valued at $1,067,000 after buying an additional 8,958 shares during the last quarter. Vanguard Group Inc. raised its position in Fortress Biotech by 5.1% in the first quarter. Vanguard Group Inc. now owns 1,397,435 shares of the biopharmaceutical company’s stock valued at $5,170,000 after buying an additional 67,602 shares during the last quarter. Teachers Advisors LLC raised its position in Fortress Biotech by 17.2% in the first quarter. Teachers Advisors LLC now owns 63,480 shares of the biopharmaceutical company’s stock valued at $235,000 after buying an additional 9,329 shares during the last quarter. Finally, ClariVest Asset Management LLC raised its position in Fortress Biotech by 1.0% in the first quarter. ClariVest Asset Management LLC now owns 161,519 shares of the biopharmaceutical company’s stock valued at $598,000 after buying an additional 1,600 shares during the last quarter. Institutional investors own 14.63% 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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