B.Riley FBR Thinks Fortress Biotech’s Stock is Going to Recover


In a report issued on July 3, Madhu Kumar from B.Riley FBR reiterated a Buy rating on Fortress Biotech (NASDAQ: FBIO), with a price target of $10. The company’s shares opened today at $3.04, close to its 52-week low of $2.79.

Kumar wrote:

“After 1Q18 earnings and multiple recent developments, we reiterate our Fortress Biotech (FBIO) Buy rating and $10 price target. We particularly highlight the success for FBIO subsidiaries Avenue Therapeutics’ (ATXI) intravenous (IV) tramadol in its first Phase III pain management trial, and FDA Therapeutics’ copper histidinate CUTX-101, currently in a Phase III trial in Menkes disease. We further highlight the 3Q18 guided start for the second Phase III study of IV tramadol as a potential positive catalyst for both ATXI and FBIO shares.”

According to TipRanks.com, Kumar is a 5-star analyst with an average return of 35.6% and a 58.2% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Clementia Pharmaceuticals Inc, Deciphera Pharmaceuticals Inc, and Iovance Biotherapeutics Inc.

Fortress Biotech has an analyst consensus of Strong Buy, with a price target consensus of $10.67.

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Based on Fortress Biotech’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $21.02 million. In comparison, last year the company had a GAAP net loss of $17.37 million.

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Fortress Biotech, Inc. engages in the development and commercialization of novel pharmaceutical and biotechnology products. It operates through the following segments: Dermatology Product Sales, Pharmaceutical and Biotechnology Product Development, and National. The National segment consists of National Holdings Corporation, an independent brokerage company.

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