Brokerages Anticipate Fortress Biotech (NASDAQ:FBIO) Will Announce Quarterly Sales of $8.11 Million

Wall Street analysts forecast that Fortress Biotech (NASDAQ:FBIO) will report sales of $8.11 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Fortress Biotech’s earnings. The lowest sales estimate is $6.87 million and the highest is $9.34 million. Fortress Biotech posted sales of $63.69 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 87.3%. The firm is scheduled to announce its next earnings results on Friday, November 8th.

According to Zacks, analysts expect that Fortress Biotech will report full-year sales of $32.23 million for the current fiscal year, with estimates ranging from $29.15 million to $35.30 million. For the next financial year, analysts expect that the company will report sales of $38.17 million, with estimates ranging from $36.04 million to $40.30 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that follow Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO) last posted its earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.46) by $0.22. The company had revenue of $9.25 million during the quarter, compared to analysts’ expectations of $7.51 million.

FBIO has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $11.00 target price on shares of Fortress Biotech in a research report on Monday, May 13th. ValuEngine raised shares of Fortress Biotech from a “hold” rating to a “buy” rating in a research report on Thursday, August 1st. Zacks Investment Research cut shares of Fortress Biotech from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. Finally, Roth Capital began coverage on shares of Fortress Biotech in a research note on Monday, July 1st. They set a “buy” rating and a $4.00 price objective for the company.

Shares of NASDAQ:FBIO traded down $0.05 on Thursday, hitting $1.53. The company had a trading volume of 210,000 shares, compared to its average volume of 615,836. The firm’s 50-day simple moving average is $1.42 and its two-hundred day simple moving average is $1.74. Fortress Biotech has a 1 year low of $0.49 and a 1 year high of $2.59. The company has a quick ratio of 2.78, a current ratio of 2.79 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $111.15 million, a price-to-earnings ratio of -0.51 and a beta of 2.48.

Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in Fortress Biotech by 12.8% in the 4th quarter. Geode Capital Management LLC now owns 379,972 shares of the biopharmaceutical company’s stock valued at $326,000 after acquiring an additional 43,239 shares during the period. Two Sigma Investments LP grew its stake in Fortress Biotech by 96.5% in the 4th quarter. Two Sigma Investments LP now owns 30,954 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 15,200 shares during the period. Dowling & Yahnke LLC acquired a new stake in Fortress Biotech in the 1st quarter valued at $36,000. Cpwm LLC grew its stake in Fortress Biotech by 11.7% in the 1st quarter. Cpwm LLC now owns 191,000 shares of the biopharmaceutical company’s stock valued at $340,000 after acquiring an additional 20,000 shares during the period. Finally, National Asset Management Inc. lifted its holdings in Fortress Biotech by 18.4% in the 1st quarter. National Asset Management Inc. now owns 56,417 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 8,750 shares in the last quarter. Institutional investors and hedge funds own 12.90% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc develops and commercializes pharmaceutical and biotechnology products. The company develops CNDO-109, a lysate that treats cancer-related and other conditions; tramadol HCl for managing postoperative pain; CAEL-101 for the treatment of amyloid light chain amyloidosis; and CEVA101 for severe traumatic brain injury in children and adults in the United States.

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