Fortress Biotech Inc. (FBIO) Stock Rating Lowered by 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 analysts have also recently issued reports on FBIO. Roth Capital started coverage on Fortress Biotech in a report on Monday, October 3rd. They set a “buy” rating and a $9.00 target price for the company. FBR & Co reiterated an “outperform” rating on shares of Fortress Biotech in a report on Wednesday, July 20th.
Shares of Fortress Biotech (NASDAQ:FBIO) traded down 2.42% during trading on Tuesday, reaching $2.82. 49,481 shares of the company’s stock traded hands. The company has a 50 day moving average price of $2.78 and a 200 day moving average price of $2.97. The stock’s market capitalization is $137.24 million. Fortress Biotech has a 1-year low of $2.10 and a 1-year high of $4.66.
Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) EPS 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, equities analysts forecast that Fortress Biotech will post ($1.03) EPS for the current fiscal year.
In related news, SVP George Avgerinos sold 48,912 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 293,000 shares of the company’s stock, valued at approximately $747,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 31.54% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. raised its position in 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 period. Schwab Charles Investment Management Inc. bought a new position in Fortress Biotech during the second quarter valued at approximately $154,000. Parametric Portfolio Associates LLC raised its position 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 period. State Street Corp raised its position 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 period. Finally, Teachers Advisors Inc. bought a new position in Fortress Biotech during the second quarter valued at approximately $146,000. 16.67% of the stock is currently owned by hedge funds and other institutional investors.
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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