MBIO - Fortress Bio: Shares Look Attractive At 50% Discount After Avenue's IV Tramadol Rejection

• Fortress Bio controls a network of companies that are engaged in drug development activities.
• The company identifies early stage assets, and helps to develop them, guide them through the clinical trial process, and manage commercialisation activities.
• Most of its deals are structured using milestone payments, royalty payments, and in some cases, acquisition deals with larger pharma companies.
• The company's stock price lost ~50% of its value after portfolio company Avenue Therapeutics IV Tramadol marketing application was rejected by the FDA - although approval could still be secured.
• There are numerous other opportunities - enough to support a share price target of $5 within 12 months, in my view. The risks associated with drug development are substantial, but so are the rewards.

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