Fortress Biotech (NASDAQ:FBIO) Lowered to Hold Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Fortress Biotech from “strong-buy” to “hold.” Across analysts, the stock has an average “hold” rating and a consensus price target of $17.00.
• Fortress Biotech reported quarterly EPS of -$0.08, beating the consensus estimate of -$0.20, while revenue of $18.72 million exceeded the $18.30 million estimate.
• FBIO opened at $2.93, with a market capitalization of approximately $97.33 million and a 52-week range of $1.97 to $4.53. Hedge funds and other institutional investors own 96.51% of the company.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "strong-buy" rating to a "hold" rating in a research report issued on Saturday.

Several other brokerages have also issued reports on FBIO. Weiss Ratings reiterated a "sell (d)" rating on shares of Fortress Biotech in a research report on Wednesday, July 8th. Citigroup reissued a "buy" rating on shares of Fortress Biotech in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Fortress Biotech currently has an average rating of "Hold" and a consensus target price of $17.00.

Fortress Biotech Price Performance

Shares of NASDAQ FBIO opened at $2.93 on Friday. The stock's 50-day simple moving average is $3.07 and its two-hundred day simple moving average is $2.94. Fortress Biotech has a twelve month low of $1.97 and a twelve month high of $4.53. The firm has a market capitalization of $97.33 million, a P/E ratio of 1.11 and a beta of 1.21. The company has a quick ratio of 2.77, a current ratio of 2.86 and a debt-to-equity ratio of 0.18.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The biopharmaceutical company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.20) by $0.12. Fortress Biotech had a return on equity of 101.74% and a net margin of 163.32%.The firm had revenue of $18.72 million during the quarter, compared to the consensus estimate of $18.30 million.

Hedge Funds Weigh In On Fortress Biotech

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its position in Fortress Biotech by 98.8% in the 4th quarter. Renaissance Technologies LLC now owns 81,100 shares of the biopharmaceutical company's stock worth $297,000 after buying an additional 40,300 shares during the last quarter. State Street Corp grew its position in Fortress Biotech by 11.5% during the fourth quarter. State Street Corp now owns 77,266 shares of the biopharmaceutical company's stock valued at $283,000 after acquiring an additional 8,000 shares during the last quarter. Panagora Asset Management Inc. grew its position in Fortress Biotech by 56.9% during the fourth quarter. Panagora Asset Management Inc. now owns 56,668 shares of the biopharmaceutical company's stock valued at $207,000 after acquiring an additional 20,556 shares during the last quarter. Man Group plc purchased a new position in shares of Fortress Biotech during the fourth quarter worth approximately $193,000. Finally, Quadrature Capital Ltd purchased a new position in shares of Fortress Biotech during the fourth quarter worth approximately $180,000. 96.51% of the stock is owned by hedge funds and other institutional investors.

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.

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