$7.51 Million in Sales Expected for Fortress Biotech (NASDAQ:FBIO) This Quarter

Brokerages forecast that Fortress Biotech (NASDAQ:FBIO) will post $7.51 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Fortress Biotech’s earnings, with the highest sales estimate coming in at $7.84 million and the lowest estimate coming in at $7.17 million. Fortress Biotech reported sales of $63.83 million in the same quarter last year, which would suggest a negative year over year growth rate of 88.2%. The company is scheduled to report its next earnings results on Thursday, August 8th.

According to Zacks, analysts expect that Fortress Biotech will report full-year sales of $28.98 million for the current financial year, with estimates ranging from $28.80 million to $29.15 million. For the next fiscal year, analysts forecast that the business will report sales of $33.42 million, with estimates ranging from $30.80 million to $36.04 million. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO) last issued its quarterly earnings data on Friday, May 10th. The biopharmaceutical company reported ($0.27) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.58) by $0.31. The business had revenue of $6.48 million for the quarter, compared to analysts’ expectations of $6.41 million.

Several equities analysts recently issued reports on FBIO shares. Zacks Investment Research lowered shares of General Finance from a “buy” rating to a “hold” rating in a report on Monday, July 15th. HC Wainwright lifted their price target on shares of Acceleron Pharma from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Roth Capital reaffirmed a “sell” rating on shares of Ballard Power Systems in a report on Monday, July 1st.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. National Asset Management Inc. grew its holdings in Fortress Biotech by 18.4% in the first quarter. National Asset Management Inc. now owns 56,417 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 8,750 shares during the last quarter. Rhumbline Advisers grew its holdings in Fortress Biotech by 45.7% in the fourth quarter. Rhumbline Advisers now owns 45,131 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 14,150 shares during the last quarter. Two Sigma Investments LP grew its holdings in Fortress Biotech by 96.5% in the fourth quarter. Two Sigma Investments LP now owns 30,954 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 15,200 shares during the last quarter. Dowling & Yahnke LLC acquired a new stake in shares of Fortress Biotech during the first quarter worth $36,000. Finally, Cpwm LLC lifted its stake in shares of Fortress Biotech by 11.7% during the first quarter. Cpwm LLC now owns 191,000 shares of the biopharmaceutical company’s stock worth $340,000 after buying an additional 20,000 shares during the period. 13.13% of the stock is currently owned by institutional investors and hedge funds.

FBIO stock traded up $0.11 during trading on Tuesday, hitting $1.37. 372,217 shares of the company’s stock traded hands, compared to its average volume of 552,374. The stock’s fifty day moving average price is $1.62. The company has a quick ratio of 2.78, a current ratio of 2.79 and a debt-to-equity ratio of 1.94. Fortress Biotech has a 1 year low of $0.49 and a 1 year high of $2.78.

About Fortress Biotech

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.

Featured Article: Google Finance

Get a free copy of the Zacks research report on Fortress Biotech (FBIO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Fortress Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortress Biotech and related companies with MarketBeat.com's FREE daily email newsletter.