Fortress Biotech: Buy Rating Affirmed Amid Strategic Developments and Financial Upside
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Joseph Pantginis has affirmed a Buy rating for Fortress Biotech, citing strategic developments and financial potential. Despite a Complete Response Letter (CRL) for CUTX-101 related to manufacturing issues, the drug's efficacy remains intact. Additionally, Fortress's subsidiary, Urica Therapeutics, secured a $205 million Series A Financing with Crystalys Therapeutics, enabling Phase 3 trials for dotinurad and providing a 3% royalty on future sales. This positions Fortress Biotech for significant financial upside and reinforces the Buy rating.
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