Zacks Investment Research upgraded shares of Fortress Biotech (NASDAQ:FBIO) from a sell rating to a hold rating in a report published on Tuesday morning.
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. “
A number of other brokerages also recently issued reports on FBIO. ValuEngine downgraded shares of Fortress Biotech from a hold rating to a sell rating in a report on Friday, December 1st. HC Wainwright set a $11.00 price target on shares of Fortress Biotech and gave the stock a buy rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $11.00.
Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings results on Thursday, November 9th. The biopharmaceutical company reported ($0.67) earnings per share (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 business’s quarterly revenue was up 4709.2% on a year-over-year basis. analysts expect that Fortress Biotech will post -1.99 earnings per share for the current fiscal year.
In related news, SVP George Avgerinos sold 12,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were 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 owns 352,495 shares of the company’s stock, valued at approximately $1,251,357.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 33.30% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Citadel Advisors LLC purchased a new position in shares of Fortress Biotech during the 3rd quarter worth approximately $101,000. National Asset Management Inc. boosted its position in shares of Fortress Biotech by 38.4% during the 2nd quarter. National Asset Management Inc. now owns 28,850 shares of the biopharmaceutical company’s stock worth $138,000 after purchasing an additional 8,000 shares during the period. Rhumbline Advisers boosted its position in shares of Fortress Biotech by 2.8% during the 2nd quarter. Rhumbline Advisers now owns 38,846 shares of the biopharmaceutical company’s stock worth $185,000 after purchasing an additional 1,075 shares during the period. Parametric Portfolio Associates LLC boosted its position in shares of Fortress Biotech by 3.3% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 59,224 shares of the biopharmaceutical company’s stock worth $281,000 after purchasing an additional 1,913 shares during the period. Finally, Wells Fargo & Company MN boosted its position in shares of Fortress Biotech by 365.4% during the 3rd quarter. Wells Fargo & Company MN now owns 119,736 shares of the biopharmaceutical company’s stock worth $529,000 after purchasing an additional 94,008 shares during the period. 12.09% of the stock is owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Fortress Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortress Biotech and related companies with MarketBeat.com's FREE daily email newsletter.