Zacks Research Upgrades Fortress Biotech (NASDAQ:FBIO) to Strong-Buy

Fortress Biotech (NASDAQ:FBIO) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Several other research analysts have also issued reports on FBIO. Weiss Ratings restated a “sell (d+)” rating on shares of Fortress Biotech in a research report on Monday, December 29th. Wall Street Zen raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research report on Sunday, November 23rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Fortress Biotech Stock Up 6.1%

Shares of FBIO stock opened at $3.48 on Wednesday. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.19 and a quick ratio of 1.97. The stock has a fifty day moving average price of $3.21 and a 200 day moving average price of $2.78. Fortress Biotech has a one year low of $1.33 and a one year high of $4.53. The stock has a market cap of $108.02 million, a P/E ratio of -19.33 and a beta of 1.42.

Fortress Biotech (NASDAQ:FBIO) last posted its earnings results on Friday, November 14th. The biopharmaceutical company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.54. Fortress Biotech had a net margin of 6.40% and a negative return on equity of 69.39%. The business had revenue of $17.63 million for the quarter, compared to analysts’ expectations of $21.02 million. Analysts predict that Fortress Biotech will post -3.28 earnings per share for the current year.

Institutional Investors Weigh In On Fortress Biotech

A number of large investors have recently modified their holdings of FBIO. Bank of America Corp DE grew its stake in shares of Fortress Biotech by 923.3% during the third quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 6,426 shares during the last quarter. Abacus Planning Group Inc. bought a new stake in shares of Fortress Biotech in the 3rd quarter valued at $54,000. Scientech Research LLC bought a new stake in Fortress Biotech during the third quarter valued at $67,000. XTX Topco Ltd acquired a new stake in Fortress Biotech during the second quarter worth approximately $42,000. Finally, Osaic Holdings Inc. increased its stake in shares of Fortress Biotech by 18.4% in the 2nd 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 in 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.