Roth Capital Begins Coverage on Fortress Biotech Inc. (FBIO)
Stock analysts at Roth Capital initiated coverage on shares of Fortress Biotech Inc. (NASDAQ:FBIO) in a research report issued to clients and investors on Monday. The firm set a “buy” rating and a $9.00 price target on the biopharmaceutical company’s stock. Roth Capital’s price target indicates a potential upside of 203.03% from the stock’s current price.
Several other equities analysts have also issued reports on FBIO. FBR & Co reaffirmed an “outperform” rating on shares of Fortress Biotech in a report on Wednesday, July 20th. Zacks Investment Research raised shares of Fortress Biotech from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a report on Tuesday, September 20th.
Shares of Fortress Biotech (NASDAQ:FBIO) traded down 0.67% during trading on Monday, reaching $2.95. The company had a trading volume of 21,359 shares. Fortress Biotech has a 1-year low of $2.10 and a 1-year high of $4.66. The stock’s market capitalization is $143.57 million. The company’s 50 day moving average is $2.76 and its 200-day moving average is $2.97.
Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by $0.02. Fortress Biotech had a negative return on equity of 79.62% and a negative net margin of 1,687.06%. On average, equities research analysts anticipate that Fortress Biotech will post ($1.03) earnings per share for the current year.
In other news, SVP George Avgerinos sold 48,912 shares of the business’s stock in a transaction on Friday, September 16th. The shares were sold at an average price of $2.55, for a total transaction of $124,725.60. Following the sale, the senior vice president now directly owns 293,000 shares of the company’s stock, valued at $747,150. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 31.54% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. bought a new stake in shares of Fortress Biotech during the second quarter worth $154,000. Parametric Portfolio Associates LLC increased its position in Fortress Biotech by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 57,196 shares of the biopharmaceutical company’s stock worth $154,000 after buying an additional 344 shares in the last quarter. State Street Corp increased its position in Fortress Biotech by 2,170.8% in the second quarter. State Street Corp now owns 268,632 shares of the biopharmaceutical company’s stock worth $723,000 after buying an additional 256,802 shares in the last quarter. Teachers Advisors Inc. acquired a new position in Fortress Biotech during the second quarter worth about $146,000. Finally, BlackRock Institutional Trust Company N.A. increased its position in Fortress Biotech by 129.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 314,920 shares of the biopharmaceutical company’s stock worth $847,000 after buying an additional 177,930 shares in the last quarter. 16.67% of the stock is currently 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.
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