Fortress Biotech (NASDAQ:FBIO) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen cut shares of Fortress Biotech (NASDAQ:FBIO) from a buy rating to a hold rating in a report issued on Saturday morning.

Several other brokerages have also recently issued reports on FBIO. HC Wainwright dropped their target price on Fortress Biotech from $26.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Fortress Biotech in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $16.50.

Fortress Biotech Trading Up 5.2%

NASDAQ:FBIO traded up $0.13 during mid-day trading on Friday, hitting $2.62. 434,966 shares of the stock traded hands, compared to its average volume of 490,011. The company has a quick ratio of 1.70, a current ratio of 1.92 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $77.96 million, a price-to-earnings ratio of -2.50 and a beta of 1.60. Fortress Biotech has a 52 week low of $1.33 and a 52 week high of $4.20. The firm’s 50 day moving average is $3.02 and its two-hundred day moving average is $2.34.

Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings results on Friday, November 14th. The biopharmaceutical company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.54. The firm had revenue of $17.03 million for the quarter, compared to the consensus estimate of $21.02 million. Fortress Biotech had a negative return on equity of 301.81% and a negative net margin of 24.84%. On average, equities research analysts predict that Fortress Biotech will post -3.28 earnings per share for the current year.

Institutional Investors Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently modified their holdings of the company. Abacus Planning Group Inc. purchased a new position in shares of Fortress Biotech in the 3rd quarter valued at about $54,000. XTX Topco Ltd purchased a new position in shares of Fortress Biotech in the 2nd quarter valued at $42,000. Osaic Holdings Inc. boosted its stake in Fortress Biotech by 18.4% in the second quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 5,034 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Fortress Biotech during the second quarter worth about $93,000. Finally, PFG Investments LLC increased its position in shares of Fortress Biotech by 22.4% during the second quarter. PFG Investments LLC now owns 55,419 shares of the biopharmaceutical company’s stock worth $103,000 after purchasing an additional 10,160 shares in the last quarter. 96.51% of the stock is currently owned by institutional investors and hedge funds.

Fortress Biotech Company Profile

Fortress Biotech, Inc, a biopharmaceutical company, develops dermatology, pharmaceutical, and biotechnology products in the United States. The company markets dermatology products, such as Qbrexza a medicated cloth towelette for the treatment of primary axillary hyperhidrosis; Accutane capsules for severe recalcitrant nodular acne; Amzeeq for severe acne vulgaris; Zilxi, a topical foam; Exelderm cream and solution for topical use; Targadox an oral doxycycline drug for adjunctive therapy for severe acne; Luxamend; sulconazole nitrate cream and solution for tinea cruris and tinea corporis; and doxycycline hyclate tablet.