Zacks Investment Research Downgrades Fortress Biotech (FBIO) to Sell

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 Monday.

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. “

Other equities research analysts also recently issued research reports about the stock. B. Riley initiated coverage on shares of Fortress Biotech in a research note on Wednesday, February 28th. They set a “buy” rating and a $10.00 price target on the stock. ValuEngine upgraded shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Saturday, June 2nd. JMP Securities set a $11.00 price target on shares of Fortress Biotech and gave the stock a “buy” rating in a research note on Monday, May 21st. HC Wainwright set a $11.00 price target on shares of Fortress Biotech and gave the stock a “buy” rating in a research note on Monday, May 21st. Finally, BidaskClub upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a research note on Sunday, March 11th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $10.75.

FBIO traded down $0.21 during trading on Monday, reaching $3.03. 73,294 shares of the company’s stock were exchanged, compared to its average volume of 154,213. Fortress Biotech has a fifty-two week low of $2.79 and a fifty-two week high of $5.54. The company has a debt-to-equity ratio of 0.68, a current ratio of 2.52 and a quick ratio of 2.52. The company has a market capitalization of $171.40 million, a P/E ratio of -1.88 and a beta of 0.22.

Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings results on Thursday, May 10th. The biopharmaceutical company reported ($0.49) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.09). Fortress Biotech had a negative return on equity of 60.74% and a negative net margin of 49.31%. The business had revenue of $55.43 million for the quarter, compared to analyst estimates of $49.29 million. equities research analysts expect that Fortress Biotech will post -2.31 EPS for the current fiscal year.

Large investors have recently modified their holdings of the company. Citadel Advisors LLC acquired a new stake in shares of Fortress Biotech in the 1st quarter valued at $126,000. The Manufacturers Life Insurance Company boosted its stake in shares of Fortress Biotech by 264.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 30,024 shares of the biopharmaceutical company’s stock valued at $136,000 after purchasing an additional 21,792 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Fortress Biotech by 29.4% in the 1st quarter. Wells Fargo & Company MN now owns 60,987 shares of the biopharmaceutical company’s stock valued at $278,000 after purchasing an additional 13,862 shares in the last quarter. HighPoint Advisor Group LLC acquired a new stake in shares of Fortress Biotech in the 4th quarter valued at $416,000. Finally, Opaleye Management Inc. acquired a new stake in shares of Fortress Biotech in the 1st quarter valued at $1,433,000. Institutional investors own 12.42% of the company’s stock.

About Fortress Biotech

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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