Fortress Biotech (NASDAQ:FBIO) Lowered to Hold Rating by Zacks Research

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

FBIO has been the subject of several other reports. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Fortress Biotech in a report on Monday, February 23rd. Wall Street Zen upgraded shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research note on Sunday, November 23rd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortress Biotech currently has an average rating of “Hold” and a consensus target price of $17.00.

Fortress Biotech Stock Performance

Shares of Fortress Biotech stock opened at $3.16 on Monday. Fortress Biotech has a 12 month low of $1.33 and a 12 month high of $4.53. The stock has a market cap of $98.09 million, a PE ratio of -17.56 and a beta of 1.38. The company has a quick ratio of 1.97, a current ratio of 2.19 and a debt-to-equity ratio of 0.73. The business has a fifty day simple moving average of $3.43 and a 200-day simple moving average of $3.21.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of FBIO. Bank of America Corp DE increased its stake 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 valued at $26,000 after buying an additional 6,426 shares during the period. Visionary Wealth Advisors acquired a new position in shares of Fortress Biotech during the fourth quarter valued at $41,000. XTX Topco Ltd bought a new position in Fortress Biotech in the fourth quarter valued at about $53,000. Abacus Planning Group Inc. acquired a new stake in Fortress Biotech in the third quarter worth about $54,000. Finally, Scientech Research LLC bought a new stake in Fortress Biotech during the 3rd quarter worth about $67,000. Institutional investors and hedge funds own 96.51% of the company’s stock.

Fortress Biotech Company Profile

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.