Fortress Biotech Inc. (NASDAQ:FBIO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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 research reports about the stock. FBR & Co reissued an “outperform” rating on shares of Fortress Biotech in a research report on Wednesday, July 20th. Roth Capital assumed coverage on shares of Fortress Biotech in a report on Monday, October 3rd. They issued a “buy” rating and a $9.00 target price on the stock.

Shares of Fortress Biotech (NASDAQ:FBIO) traded down 2.42% during mid-day trading on Tuesday, reaching $2.82. 49,481 shares of the company’s stock traded hands. Fortress Biotech has a one year low of $2.10 and a one year high of $4.66. The firm’s market cap is $137.24 million. The firm’s 50-day moving average is $2.78 and its 200 day moving average is $2.97.

Fortress Biotech (NASDAQ:FBIO) last issued 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%. Analysts predict that Fortress Biotech will post ($1.03) earnings per share for the current year.

In related news, SVP George Avgerinos sold 48,912 shares of the firm’s stock in a transaction that occurred on Friday, September 16th. The shares were sold at an average price of $2.55, for a total value of $124,725.60. Following the sale, the senior vice president now owns 293,000 shares of the company’s stock, valued at $747,150. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 31.54% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC raised its position in shares of Fortress Biotech by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 57,196 shares of the biopharmaceutical company’s stock valued at $154,000 after buying an additional 344 shares in the last quarter. ClariVest Asset Management LLC raised its position in shares of Fortress Biotech by 53.6% in the second quarter. ClariVest Asset Management LLC now owns 117,719 shares of the biopharmaceutical company’s stock valued at $316,000 after buying an additional 41,100 shares in the last quarter. Landscape Capital Management L.L.C. raised its position in shares of Fortress Biotech by 208.0% in the first quarter. Landscape Capital Management L.L.C. now owns 69,290 shares of the biopharmaceutical company’s stock valued at $215,000 after buying an additional 46,790 shares in the last quarter. Teachers Advisors Inc. bought a new position in shares of Fortress Biotech during the second quarter valued at approximately $146,000. Finally, Schwab Charles Investment Management Inc. bought a new position in shares of Fortress Biotech during the second quarter valued at approximately $154,000. 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.

5 Day Chart for NASDAQ:FBIO

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