Zacks Investment Research Upgrades Fortress Biotech (NASDAQ:FBIO) to Hold

Zacks Investment Research upgraded shares of Fortress Biotech (NASDAQ:FBIOGet Rating) from a strong sell rating to a hold rating in a report published on Friday, Zacks.com reports.

According to Zacks, “Fortress Biotech, Inc. is a biopharmaceutical company. The company is engaged in acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress Biotech, Inc., formerly known as Coronado Biosciences, Inc., is based in NEW YORK, United States. “

Several other equities analysts have also weighed in on FBIO. Roth Capital restated a buy rating on shares of Fortress Biotech in a report on Tuesday, March 29th. TheStreet lowered shares of Fortress Biotech from a c- rating to a d+ rating in a report on Monday, February 14th. Finally, StockNews.com lowered shares of Fortress Biotech from a hold rating to a sell rating in a report on Wednesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $10.38.

Shares of FBIO traded up $0.06 during mid-day trading on Friday, reaching $0.86. The company had a trading volume of 695,679 shares, compared to its average volume of 683,029. The firm has a fifty day simple moving average of $1.21 and a 200-day simple moving average of $2.04. Fortress Biotech has a fifty-two week low of $0.79 and a fifty-two week high of $4.49. The company has a quick ratio of 3.33, a current ratio of 3.43 and a debt-to-equity ratio of 0.21.

Fortress Biotech (NASDAQ:FBIOGet Rating) last announced its quarterly earnings results on Thursday, May 12th. The biopharmaceutical company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.10. Fortress Biotech had a negative net margin of 94.06% and a negative return on equity of 27.80%. During the same period last year, the firm posted ($0.11) EPS. Analysts forecast that Fortress Biotech will post -0.93 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its holdings in Fortress Biotech by 2.5% in the 4th quarter. BlackRock Inc. now owns 4,774,260 shares of the biopharmaceutical company’s stock worth $11,936,000 after buying an additional 115,898 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Fortress Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,361,169 shares of the biopharmaceutical company’s stock worth $4,382,000 after buying an additional 47,382 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Fortress Biotech by 1,005.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,101,300 shares of the biopharmaceutical company’s stock worth $1,498,000 after buying an additional 1,001,653 shares in the last quarter. Shikiar Asset Management Inc. lifted its holdings in Fortress Biotech by 2.3% in the 4th quarter. Shikiar Asset Management Inc. now owns 710,500 shares of the biopharmaceutical company’s stock worth $1,776,000 after buying an additional 16,000 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Fortress Biotech by 2.2% in the 4th quarter. Northern Trust Corp now owns 683,283 shares of the biopharmaceutical company’s stock worth $1,708,000 after buying an additional 14,470 shares in the last quarter. Hedge funds and other institutional investors own 30.92% of the company’s stock.

About Fortress Biotech (Get Rating)

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino capsules to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris; Targadox for severe acne; Exelderm cream for ringworm and jock itch symptoms; Ceracade for dry skin conditions; Luxamend for dressing and managing wounds; and Accutane capsules for severe recalcitrant nodular acne.

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