Fortress Biotech price target raised to $16 from $15 at Roth MKM

Roth MKM raised the firm’s price target on Fortress Biotech (FBIO) to $16 from $15 and keeps a Buy rating on the shares. The firm is adjusting its model after the announcement of Checkpoint Therapeutics (CKPT) acquisition by Sun Pharma. Fortress Biotech, Checkpoint’s controlling shareholder with an 11.2% stake, will receive 2.5% royalty payments on future cosibelimab sales, which the firm estimates at over a $500M opportunity, the analyst tells investors in a research note.