Zacks Investment Research Lowers Fortress Biotech (NASDAQ:FBIO) to Hold

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Zacks Investment Research lowered shares of Fortress Biotech (NASDAQ:FBIO) from a buy rating to a hold rating in a research report sent to investors on Monday, 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. “

FBIO has been the topic of a number of other research reports. HC Wainwright lifted their price target on Acceleron Pharma from $66.00 to $69.00 and gave the company a buy rating in a report on Monday, May 13th. Roth Capital reiterated a sell rating on shares of Ballard Power Systems in a report on Monday, July 1st.

Shares of Fortress Biotech stock opened at $1.37 on Monday. The stock’s fifty day moving average is $1.63. The firm has a market capitalization of $92.63 million, a price-to-earnings ratio of -0.46 and a beta of 2.50. The company has a quick ratio of 2.78, a current ratio of 2.79 and a debt-to-equity ratio of 1.94. Fortress Biotech has a 12-month low of $0.49 and a 12-month high of $2.81.

Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings results on Friday, May 10th. The biopharmaceutical company reported ($0.27) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.58) by $0.31. The business had revenue of $6.48 million for the quarter, compared to analysts’ expectations of $6.41 million. As a group, equities analysts anticipate that Fortress Biotech will post -1.29 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers raised its holdings in shares of Fortress Biotech by 45.7% in the 4th quarter. Rhumbline Advisers now owns 45,131 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 14,150 shares during the period. Geode Capital Management LLC raised its holdings in shares of Fortress Biotech by 12.8% in the 4th 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 during the period. Two Sigma Investments LP raised its holdings in shares of Fortress Biotech by 96.5% in the 4th 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 during the period. Dowling & Yahnke LLC purchased a new position in shares of Fortress Biotech in the 1st quarter worth about $36,000. Finally, Cpwm LLC raised its holdings in shares of Fortress Biotech by 11.7% in the 1st quarter. Cpwm LLC now owns 191,000 shares of the biopharmaceutical company’s stock worth $340,000 after purchasing an additional 20,000 shares during the period. Hedge funds and other institutional investors own 13.13% of the company’s stock.

Fortress Biotech Company Profile

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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