Fortress Biotech price target lowered to $12 from $15 at Roth Capital

Roth Capital lowered the firm’s price target on Fortress Biotech (FBIO) to $12 from $15 and keeps a Buy rating on the shares after its Q2 results. The firm notes that with Journey’s Emrosi launched, the recently completed sale of Checkpoint and a September PDUFA for CUTX-101, Fortress is well positioned to become a self-funding entity, the analyst tells investors in a research note. Roth adds however that its lower price target reflects a higher share count, lower market capitalizations of the company’s public company portfolio, and lower probability of previously anticipated approval timing for CAEL-101.