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

Fortress Biotech (NASDAQ:FBIO) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued on Saturday.

FBIO has been the topic of a number of other research reports. Zacks Research lowered Fortress Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a research note on Monday, December 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $17.00 price target on shares of Fortress Biotech in a report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $17.00.

Fortress Biotech Stock Down 4.2%

Shares of NASDAQ FBIO opened at $2.76 on Friday. The stock has a market cap of $85.67 million, a PE ratio of -15.33 and a beta of 1.38. The company has a current ratio of 2.19, a quick ratio of 1.97 and a debt-to-equity ratio of 0.73. Fortress Biotech has a 12-month low of $1.33 and a 12-month high of $4.53. The company has a 50-day moving average of $3.30 and a 200 day moving average of $3.20.

Institutional Investors Weigh In On Fortress Biotech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBIO. Bank of America Corp DE lifted 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 purchasing an additional 6,426 shares during the last quarter. Visionary Wealth Advisors acquired a new position in Fortress Biotech in the fourth quarter valued at about $41,000. XTX Topco Ltd acquired a new position in Fortress Biotech in the second quarter valued at about $42,000. Abacus Planning Group Inc. purchased a new position in Fortress Biotech during the third quarter worth about $54,000. Finally, Osaic Holdings Inc. increased its position in shares of Fortress Biotech by 18.4% during the second quarter. Osaic Holdings Inc. now owns 32,379 shares of the biopharmaceutical company’s stock valued at $60,000 after acquiring an additional 5,034 shares during the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

About Fortress Biotech

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.