Fortress Biotech Inc. (FBIO) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Fortress Biotech Inc. (NASDAQ:FBIO) from a hold rating to a buy rating in a report released on Tuesday. The brokerage currently has $3.00 price target on the biopharmaceutical company’s stock.
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 reiterated an outperform rating on shares of Fortress Biotech in a research report on Wednesday, July 20th.
Fortress Biotech (NASDAQ:FBIO) opened at 3.00 on Tuesday. The firm has a 50-day moving average of $2.76 and a 200-day moving average of $2.98. Fortress Biotech has a 52-week low of $2.10 and a 52-week high of $4.66. The stock’s market capitalization is $146.00 million.
Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) 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 analysts expect 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 that occurred 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 legal filing with the SEC, which can be accessed through this link. 31.54% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in FBIO. Schwab Charles Investment Management Inc. bought a new stake in Fortress Biotech during the second quarter worth about $154,000. Parametric Portfolio Associates LLC increased 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 worth $154,000 after buying an additional 344 shares during the last quarter. State Street Corp increased 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 worth $723,000 after buying an additional 256,802 shares during the last quarter. Teachers Advisors Inc. bought a new stake in Fortress Biotech during the second quarter worth about $146,000. Finally, BlackRock Institutional Trust Company N.A. increased 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 worth $847,000 after buying an additional 177,930 shares during the last quarter. 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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