Fortress Biotech Inc. (FBIO) Coverage Initiated by Analysts at Roth Capital
Roth Capital started coverage on shares of Fortress Biotech Inc. (NASDAQ:FBIO) in a report released on Monday. The brokerage issued a buy rating and a $9.00 price objective on the biopharmaceutical company’s stock.
Several other equities analysts have also recently weighed in on the company. Zacks Investment Research upgraded Fortress Biotech from a hold rating to a buy rating and set a $3.00 price objective on the stock in a research note on Tuesday, September 20th. FBR & Co reiterated an outperform rating on shares of Fortress Biotech in a research note on Wednesday, July 20th.
Shares of Fortress Biotech (NASDAQ:FBIO) opened at 2.85 on Monday. Fortress Biotech has a 52-week low of $2.10 and a 52-week high of $4.66. The company’s 50-day moving average is $2.78 and its 200 day moving average is $2.97. The company’s market cap is $138.70 million.
Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings data 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, analysts anticipate that Fortress Biotech will post ($1.03) EPS for the current year.
In other news, SVP George Avgerinos sold 48,912 shares of Fortress Biotech stock in a transaction on Friday, September 16th. The stock was sold at an average price of $2.55, for a total transaction of $124,725.60. Following the sale, the senior vice president now directly owns 293,000 shares in the company, valued at approximately $747,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 31.54% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. acquired a new stake in Fortress Biotech during the second quarter worth approximately $154,000. Parametric Portfolio Associates LLC raised 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. State Street Corp raised its stake 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 period. Teachers Advisors Inc. purchased a new stake in shares of Fortress Biotech during the second quarter valued at $146,000. Finally, BlackRock Institutional Trust Company N.A. raised its stake in shares of 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 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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