Fortress Biotech’s (FBIO) Buy Rating Reiterated at HC Wainwright

Fortress Biotech (NASDAQ:FBIO)‘s stock had its “buy” rating restated by HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $17.00 price objective on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 364.73% from the company’s current price.

A number of other equities analysts have also issued reports on the company. Wall Street Zen raised Fortress Biotech from a “hold” rating to a “buy” rating in a report on Sunday, November 23rd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Fortress Biotech in a research report on Monday, December 29th. Finally, Zacks Research raised Fortress Biotech from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.50.

Fortress Biotech Stock Performance

NASDAQ:FBIO traded up $0.30 during trading hours on Monday, reaching $3.66. 13,101,314 shares of the company’s stock were exchanged, compared to its average volume of 1,272,661. Fortress Biotech has a 1-year low of $1.33 and a 1-year high of $4.53. The company has a quick ratio of 1.97, a current ratio of 2.19 and a debt-to-equity ratio of 0.73. The firm has a market capitalization of $113.54 million, a price-to-earnings ratio of -20.06 and a beta of 1.43. The company has a 50-day moving average of $3.59 and a 200 day moving average of $3.07.

Institutional Investors Weigh In On Fortress Biotech

Several institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings 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 in the last quarter. Visionary Wealth Advisors purchased a new stake in Fortress Biotech during the fourth quarter worth about $41,000. XTX Topco Ltd acquired a new position in Fortress Biotech during the fourth quarter worth about $53,000. Abacus Planning Group Inc. purchased a new position in Fortress Biotech in the third quarter valued at about $54,000. Finally, Scientech Research LLC acquired a new stake in shares of Fortress Biotech during the 3rd quarter valued at approximately $67,000. 96.51% of the stock is currently owned by hedge funds and other institutional investors.

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.