Equities research analysts at Roth Capital initiated coverage on shares of Fortress Biotech Inc. (NASDAQ:FBIO) in a report issued on Monday. The brokerage set a “buy” rating and a $9.00 price target on the biopharmaceutical company’s stock. Roth Capital’s price objective indicates a potential upside of 209.28% from the company’s current price.
Other equities research analysts have also issued reports about the company. FBR & Co reiterated an “outperform” rating on shares of Fortress Biotech in a research report on Wednesday, July 20th. Zacks Investment Research upgraded Fortress Biotech from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a research report on Tuesday, September 20th.
Fortress Biotech (NASDAQ:FBIO) opened at 2.91 on Monday. The company’s market cap is $141.62 million. The firm has a 50-day moving average price of $2.77 and a 200-day moving average price of $2.97. Fortress Biotech has a 52 week low of $2.10 and a 52 week high of $4.66.
Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, missing the Zacks’ 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%. Equities research analysts anticipate that Fortress Biotech will post ($1.03) EPS for the current fiscal year.
In related news, SVP George Avgerinos sold 48,912 shares of Fortress Biotech stock in a transaction that occurred on Friday, September 16th. The stock was sold at an average price of $2.55, for a total transaction of $124,725.60. Following the sale, the senior vice president now directly owns 293,000 shares in the company, valued at $747,150. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 31.54% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Landscape Capital Management L.L.C. raised its stake in 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. Schwab Charles Investment Management Inc. purchased a new stake in Fortress Biotech during the second quarter valued at $154,000. Parametric Portfolio Associates LLC raised its stake in 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. State Street Corp raised its stake in Fortress Biotech by 2,170.8% in the second quarter. State Street Corp now owns 268,632 shares of the biopharmaceutical company’s stock valued at $723,000 after buying an additional 256,802 shares in the last quarter. Finally, Teachers Advisors Inc. purchased a new stake in Fortress Biotech during the second quarter valued at $146,000. Institutional investors own 16.67% of the company’s stock.
About Fortress Biotech
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.
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