In a report released today, Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on Fortress Biotech (NASDAQ: FBIO), with a price target of $11. The company’s shares opened today at $2.25.
Pantginis observed:
“Valuation and risks to price target achievement. We reiterate our Buy rating and $11 price target. Our valuation is based on our clinical net present value (NPV) model, which derives value from across Fortress’ subsidiaries. This model allows us to flex multiple assumptions affecting a drug’s potential commercial profile. Factors which could impede reaching our price target include failed or inconclusive clinical trials or inability of the company to secure adequate funding to progress its drugs through the development pathway.”
According to TipRanks.com, Pantginis has currently no stars on a ranking scale of 0-5 stars, with an average return of -12.4% and a 31.3% success rate. Pantginis covers the Healthcare sector, focusing on stocks such as SELLAS Life Sciences Group Inc, Applied Genetic Technologies, and Iovance Biotherapeutics Inc.
Currently, the analyst consensus on Fortress Biotech is a Strong Buy with an average price target of $10.67.
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The company has a one-year high of $5.54 and a one-year low of $1.41. Currently, Fortress Biotech has an average volume of 162.9K.
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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.
