Fortress Biotech (FBIO) Cut to Hold at Zacks Investment Research

Fortress Biotech (NASDAQ:FBIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

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 analysts have also recently issued reports about the company. HC Wainwright restated a “buy” rating and issued a $11.00 price objective on shares of Fortress Biotech in a research report on Wednesday, February 20th. ValuEngine upgraded Fortress Biotech from a “hold” rating to a “buy” rating in a research report on Saturday, February 2nd.

Shares of FBIO stock opened at $1.46 on Tuesday. The company has a debt-to-equity ratio of 3.06, a current ratio of 2.00 and a quick ratio of 1.99. The company has a market cap of $80.49 million, a P/E ratio of -0.49 and a beta of 3.19. Fortress Biotech has a twelve month low of $0.49 and a twelve month high of $4.53.

Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings results on Monday, March 18th. The biopharmaceutical company reported ($0.58) earnings per share for the quarter, meeting the consensus estimate of ($0.58). Fortress Biotech had a negative return on equity of 113.66% and a negative net margin of 30.52%. As a group, equities analysts predict that Fortress Biotech will post -2.28 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers increased its position in shares of Fortress Biotech by 45.7% during the fourth quarter. Rhumbline Advisers now owns 45,131 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 14,150 shares in the last quarter. Two Sigma Investments LP increased its position in shares of Fortress Biotech by 96.5% during the fourth quarter. Two Sigma Investments LP now owns 30,954 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 15,200 shares in the last quarter. Shikiar Asset Management Inc. increased its position in shares of Fortress Biotech by 158.7% during the fourth quarter. Shikiar Asset Management Inc. now owns 32,600 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 20,000 shares in the last quarter. Vanguard Group Inc increased its position in shares of Fortress Biotech by 2.2% during the third quarter. Vanguard Group Inc now owns 1,248,040 shares of the biopharmaceutical company’s stock worth $1,997,000 after purchasing an additional 26,392 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Fortress Biotech by 12.8% during the fourth quarter. Geode Capital Management LLC now owns 379,972 shares of the biopharmaceutical company’s stock worth $326,000 after purchasing an additional 43,239 shares in the last quarter. Hedge funds and other institutional investors own 12.63% 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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