Fortress Biotech (NASDAQ:FBIO) Cut to Hold at Zacks Research

Zacks Research cut shares of Fortress Biotech (NASDAQ:FBIO) from a strong-buy rating to a hold rating in a report published on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on FBIO. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Fortress Biotech in a research note on Monday, February 23rd. Weiss Ratings restated a “sell (d+)” rating on shares of Fortress Biotech in a research note on Monday, December 29th. Finally, Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Fortress Biotech presently has an average rating of “Hold” and an average price target of $17.00.

Fortress Biotech Price Performance

Fortress Biotech stock opened at $3.16 on Monday. The business’s 50 day simple moving average is $3.43 and its 200 day simple moving average is $3.21. Fortress Biotech has a 12 month low of $1.33 and a 12 month high of $4.53. The company has a market cap of $98.09 million, a price-to-earnings ratio of -17.56 and a beta of 1.38. The company has a current ratio of 2.19, a quick ratio of 1.97 and a debt-to-equity ratio of 0.73.

Institutional Investors Weigh In On Fortress Biotech

Several hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE boosted its stake in Fortress Biotech by 923.3% in the third quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 6,426 shares in the last quarter. Visionary Wealth Advisors purchased a new position in Fortress Biotech in the 4th quarter worth $41,000. XTX Topco Ltd bought a new stake in Fortress Biotech in the fourth quarter worth $53,000. Abacus Planning Group Inc. purchased a new stake in Fortress Biotech during the third quarter valued at about $54,000. Finally, Scientech Research LLC bought a new position in Fortress Biotech during the 3rd quarter worth approximately $67,000. Institutional investors own 96.51% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc is a clinical‐stage biopharmaceutical company focused on acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Headquartered in New York, the company operates through a network of majority‐owned subsidiaries that target areas of high unmet medical need, including oncology, rare diseases and dermatology. Fortress Biotech’s business model emphasizes in‐licensing or acquiring promising drug candidates and coordinating their development through specialized affiliate companies, allowing for flexible capital allocation and focused management of individual programs.

Through its portfolio of subsidiaries, Fortress Biotech advances a diversified pipeline spanning small molecules, biologics and cell therapies.