Fortress Biotech (NASDAQ:FBIO) Upgraded to Buy at Wall Street Zen

Key Points

• Fortress Biotech's stock was upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting a positive shift in analyst sentiment.
• The company's stock currently has a consensus rating of "Hold" with a price target of $16.50, though HC Wainwright recently lowered their price objective from $26.00 to $17.00.
• Fortress Biotech reported a loss of $0.46 EPS for the last quarter, missing consensus estimates, despite revenue surpassing expectations at $16.41 million.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

FBIO has been the topic of a number of other reports. HC Wainwright decreased their price objective 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 restated a "sell (d-)" rating on shares of Fortress Biotech in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $16.50.

Fortress Biotech Price Performance

Shares of Fortress Biotech stock opened at $2.70 on Friday. The stock has a 50 day moving average of $2.95 and a 200 day moving average of $2.18. Fortress Biotech has a 12 month low of $1.33 and a 12 month high of $4.20. The firm has a market cap of $80.33 million, a PE ratio of -2.57 and a beta of 1.75. The company has a current ratio of 1.92, a quick ratio of 1.70 and a debt-to-equity ratio of 1.34.

Fortress Biotech (NASDAQ:FBIO - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The biopharmaceutical company reported ($0.46) EPS for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.15). Fortress Biotech had a negative net margin of 24.84% and a negative return on equity of 301.81%. The firm had revenue of $16.41 million for the quarter, compared to the consensus estimate of $14.53 million. On average, research analysts expect that Fortress Biotech will post -3.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortress Biotech

Hedge funds and other institutional investors have recently modified their holdings of the business. Nantahala Capital Management LLC raised its holdings in shares of Fortress Biotech by 159.3% in the first quarter. Nantahala Capital Management LLC now owns 325,520 shares of the biopharmaceutical company's stock worth $508,000 after buying an additional 200,000 shares during the period. PFG Investments LLC raised its holdings in shares of Fortress Biotech by 28.4% in the first quarter. PFG Investments LLC now owns 45,259 shares of the biopharmaceutical company's stock worth $71,000 after buying an additional 10,000 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Fortress Biotech by 8.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,004,365 shares of the biopharmaceutical company's stock worth $1,567,000 after buying an additional 80,058 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Fortress Biotech by 11.8% in the first quarter. Envestnet Asset Management Inc. now owns 267,908 shares of the biopharmaceutical company's stock worth $418,000 after buying an additional 28,314 shares during the period. Finally, Weaver Consulting Group raised its holdings in shares of Fortress Biotech by 101.8% in the first quarter. Weaver Consulting Group now owns 46,417 shares of the biopharmaceutical company's stock worth $72,000 after buying an additional 23,419 shares during the period. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.

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