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

Fortress Biotech (NASDAQ:FBIO) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

A number of other brokerages have also recently issued reports on FBIO. Zacks Research cut Fortress Biotech from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Fortress Biotech in a research report on Monday, December 29th. Finally, HC Wainwright reissued 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 given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $17.00.

Fortress Biotech Stock Performance

NASDAQ:FBIO opened at $2.76 on Friday. The firm has a market capitalization of $85.67 million, a PE ratio of -15.33 and a beta of 1.38. The company has a quick ratio of 1.97, a current ratio of 2.19 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 firm has a 50-day moving average price of $3.30 and a 200 day moving average price of $3.19.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE grew its holdings in Fortress Biotech by 923.3% during the 3rd quarter. Bank of America Corp DE now owns 7,122 shares of the biopharmaceutical company’s stock worth $26,000 after acquiring an additional 6,426 shares during the last quarter. Visionary Wealth Advisors bought a new position in shares of Fortress Biotech in the fourth quarter worth about $41,000. XTX Topco Ltd acquired a new position in shares of Fortress Biotech during the second quarter worth approximately $42,000. Abacus Planning Group Inc. bought a new stake in shares of Fortress Biotech during the third quarter valued at approximately $54,000. Finally, Osaic Holdings Inc. grew its stake 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 purchasing an additional 5,034 shares during the last quarter. Institutional investors and hedge funds own 96.51% of the company’s stock.

Fortress Biotech Company Profile

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.