Fortress Biotech, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Joseph Pantginis from H.C. Wainwright reiterated a Buy rating on the stock and has a $17.00 price target.
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Joseph Pantginis has given his Buy rating due to a combination of factors that highlight Fortress Biotech’s strong financial prospects and strategic positioning. A significant factor is the acquisition of Checkpoint by Sun Pharmaceuticals, which provides Fortress with a substantial financial influx of approximately $28 million, with potential for additional earnings if certain milestones are achieved. This acquisition also ensures a steady revenue stream through a 2.5% royalty on sales.
Furthermore, the approval of Journey’s Emrosi for treating rosacea marks a pivotal revenue growth opportunity, given Fortress’s 43% ownership in Journey and the product’s promising sales potential. Additionally, the upcoming PDUFA date for Cyprium/Sentynl’s treatment for Menkes disease presents another potential catalyst. With positive clinical data and the possibility of a Priority Review Voucher, Fortress stands to gain significantly from sales milestones and royalties, further solidifying its financial outlook.
In another report released on August 19, Roth MKM also maintained a Buy rating on the stock with a $12.00 price target.
FBIO’s price has also changed moderately for the past six months – from $1.620 to $2.240, which is a 38.27% increase.