Fortress Biotech Inc. (NASDAQ:FBIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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. “
Several other brokerages have also recently commented on FBIO. Roth Capital assumed coverage on shares of Fortress Biotech in a research note on Monday, October 3rd. They set a “buy” rating and a $9.00 price objective for the company. FBR & Co restated an “outperform” rating on shares of Fortress Biotech in a research note on Wednesday, July 20th.
Fortress Biotech (NASDAQ:FBIO) opened at 2.80 on Tuesday. The company’s 50-day moving average is $2.78 and its 200 day moving average is $2.97. The stock’s market capitalization is $136.27 million. Fortress Biotech has a 1-year low of $2.10 and a 1-year high of $4.66.
Fortress Biotech (NASDAQ:FBIO) last released its earnings results 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 return on equity of 79.62% and a negative net margin of 1,687.06%. Equities analysts predict that Fortress Biotech will post ($1.03) earnings per share for the current year.
In related news, SVP George Avgerinos sold 48,912 shares of the business’s stock in a transaction 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 transaction, 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 SEC, which is accessible through the SEC website. Company insiders own 31.54% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Landscape Capital Management L.L.C. boosted 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 in the last quarter. Schwab Charles Investment Management Inc. purchased a new position in Fortress Biotech during the second quarter valued at about $154,000. Parametric Portfolio Associates LLC boosted 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 in the last quarter. State Street Corp boosted 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 in the last quarter. Finally, Teachers Advisors Inc. purchased a new position in Fortress Biotech during the second quarter valued at about $146,000. Hedge funds and other institutional investors own 16.67% of the company’s stock.
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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