Fortress Biotech (FBIO) Lowered to “Sell” at Zacks Investment Research

Fortress Biotech (NASDAQ:FBIO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

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. “

FBIO has been the subject of several other reports. HC Wainwright set a $11.00 price target on Fortress Biotech and gave the company a “buy” rating in a research report on Tuesday, January 2nd. ValuEngine cut Fortress Biotech from a “sell” rating to a “strong sell” rating in a research report on Tuesday, December 26th. Two analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $11.00.

Fortress Biotech (NASDAQ:FBIO) traded down $0.05 during trading on Wednesday, hitting $3.96. The company had a trading volume of 82,629 shares, compared to its average volume of 132,307. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.69 and a quick ratio of 2.69. Fortress Biotech has a 12-month low of $2.34 and a 12-month high of $5.13. The firm has a market capitalization of $200.60, a P/E ratio of -2.18 and a beta of 1.11.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.67) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.43) by ($0.24). The firm had revenue of $46.89 million for the quarter, compared to analyst estimates of $50.75 million. Fortress Biotech had a negative return on equity of 61.43% and a negative net margin of 65.80%. The firm’s revenue for the quarter was up 4709.2% compared to the same quarter last year. analysts expect that Fortress Biotech will post -1.99 EPS for the current fiscal year.

In related news, SVP George Avgerinos sold 12,000 shares of Fortress Biotech stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $3.55, for a total transaction of $42,600.00. Following the completion of the transaction, the senior vice president now directly owns 352,495 shares in the company, valued at $1,251,357.25. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Lindsay A. Md Rosenwald purchased 40,000 shares of Fortress Biotech stock in a transaction that occurred on Monday, November 6th. The shares were bought at an average price of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the transaction, the chief executive officer now owns 40,000 shares of the company’s stock, valued at approximately $1,000,000. The disclosure for this purchase can be found here. 33.30% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Citadel Advisors LLC purchased a new position in Fortress Biotech during the third quarter valued at approximately $101,000. National Asset Management Inc. increased its position in shares of Fortress Biotech by 38.4% in the second quarter. National Asset Management Inc. now owns 28,850 shares of the biopharmaceutical company’s stock valued at $138,000 after buying an additional 8,000 shares in the last quarter. Rhumbline Advisers increased its position in shares of Fortress Biotech by 2.8% in the second quarter. Rhumbline Advisers now owns 38,846 shares of the biopharmaceutical company’s stock valued at $185,000 after buying an additional 1,075 shares in the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Fortress Biotech by 3.3% in the second quarter. Parametric Portfolio Associates LLC now owns 59,224 shares of the biopharmaceutical company’s stock valued at $281,000 after buying an additional 1,913 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Fortress Biotech by 365.4% in the third quarter. Wells Fargo & Company MN now owns 119,736 shares of the biopharmaceutical company’s stock valued at $529,000 after buying an additional 94,008 shares in the last quarter. Institutional investors own 12.09% of the company’s stock.

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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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