Fortress Biotech (NASDAQ:FBIO) Downgraded to Hold at ValuEngine

ValuEngine lowered shares of Fortress Biotech (NASDAQ:FBIO) from a buy rating to a hold rating in a research report report published on Wednesday morning, ValuEngine reports.

FBIO has been the topic of a number of other reports. Roth Capital initiated coverage on Fortress Biotech in a research note on Monday, July 1st. They set a buy rating and a $4.00 target price on the stock. Dawson James initiated coverage on Fortress Biotech in a research note on Monday, August 26th. They set a buy rating and a $19.00 target price on the stock. Finally, Zacks Investment Research cut Fortress Biotech from a buy rating to a hold rating in a research note on Monday, July 15th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of Buy and an average target price of $9.00.

Shares of NASDAQ FBIO traded down $0.02 during mid-day trading on Wednesday, reaching $1.37. 164,793 shares of the company’s stock were exchanged, compared to its average volume of 274,764. The firm has a market capitalization of $95.97 million, a price-to-earnings ratio of -0.46 and a beta of 2.21. Fortress Biotech has a 52 week low of $0.49 and a 52 week high of $2.59. The company has a debt-to-equity ratio of 1.10, a current ratio of 4.49 and a quick ratio of 4.47. The firm has a 50-day moving average price of $1.68 and a two-hundred day moving average price of $1.65.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.46) by $0.22. The business had revenue of $9.25 million for the quarter, compared to the consensus estimate of $7.51 million. As a group, sell-side analysts forecast that Fortress Biotech will post -1.09 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Fortress Biotech by 65.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,112,586 shares of the biopharmaceutical company’s stock valued at $3,169,000 after acquiring an additional 838,514 shares during the period. Acadian Asset Management LLC raised its stake in Fortress Biotech by 43.1% in the 2nd quarter. Acadian Asset Management LLC now owns 219,584 shares of the biopharmaceutical company’s stock valued at $329,000 after acquiring an additional 66,133 shares during the period. Paloma Partners Management Co bought a new stake in Fortress Biotech in the 2nd quarter valued at about $246,000. FNY Investment Advisers LLC bought a new stake in Fortress Biotech in the 2nd quarter valued at about $202,000. Finally, Jane Street Group LLC bought a new stake in Fortress Biotech in the 2nd quarter valued at about $197,000. Institutional investors and hedge funds own 12.41% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc develops and commercializes pharmaceutical and biotechnology products. The company develops CNDO-109, a lysate that treats cancer-related and other conditions; tramadol HCl for managing postoperative pain; CAEL-101 for the treatment of amyloid light chain amyloidosis; and CEVA101 for severe traumatic brain injury in children and adults in the United States.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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