Fortress Biotech (NASDAQ:FBIO) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Fortress Biotech (NASDAQ:FBIO) from a strong-buy rating to a hold rating in a research note released on Saturday morning.

FBIO has been the subject of several other reports. Citigroup reiterated a “buy” rating on shares of Fortress Biotech in a research note on Monday, May 18th. Weiss Ratings reissued a “sell (d)” rating on shares of Fortress Biotech in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $17.00.

Fortress Biotech Stock Performance

Shares of FBIO opened at $2.82 on Friday. Fortress Biotech has a 1 year low of $1.99 and a 1 year high of $4.53. The company’s 50 day simple moving average is $3.07 and its 200 day simple moving average is $2.93. The company has a market capitalization of $93.68 million, a price-to-earnings ratio of 1.07 and a beta of 1.21. The company has a debt-to-equity ratio of 0.17, a quick ratio of 3.83 and a current ratio of 3.96.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.12. Fortress Biotech had a net margin of 163.32% and a return on equity of 83.47%. The firm had revenue of $18.72 million during the quarter, compared to analysts’ expectations of $18.30 million.

Institutional Investors Weigh In On Fortress Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBIO. Bank of America Corp DE raised its holdings in shares of Fortress Biotech by 923.3% in the 3rd quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 6,426 shares during the period. Visionary Wealth Advisors acquired a new stake in Fortress Biotech during the 4th quarter worth approximately $41,000. XTX Topco Ltd purchased a new position in Fortress Biotech in the fourth quarter valued at approximately $53,000. Scientech Research LLC acquired a new position in Fortress Biotech during the third quarter valued at approximately $67,000. Finally, Osaic Holdings Inc. grew its stake in Fortress Biotech by 18.4% during the second quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock worth $60,000 after buying an additional 5,034 shares during the period. 96.51% of the stock is currently owned by institutional investors and hedge funds.

About Fortress Biotech

Fortress Biotech, Inc is a clinical‐stage biopharmaceutical company focused on acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Headquartered in New York, the company operates through a network of majority‐owned subsidiaries that target areas of high unmet medical need, including oncology, rare diseases and dermatology. Fortress Biotech’s business model emphasizes in‐licensing or acquiring promising drug candidates and coordinating their development through specialized affiliate companies, allowing for flexible capital allocation and focused management of individual programs.

Through its portfolio of subsidiaries, Fortress Biotech advances a diversified pipeline spanning small molecules, biologics and cell therapies.