Brokerages forecast that Fortress Biotech (NASDAQ:FBIO) will post sales of $8.49 million for the current quarter, Zacks reports. Three analysts have provided estimates for Fortress Biotech’s earnings. The highest sales estimate is $9.34 million and the lowest is $7.13 million. Fortress Biotech posted sales of $63.69 million in the same quarter last year, which suggests a negative year-over-year growth rate of 86.7%. The firm is scheduled to issue its next earnings report on Friday, November 8th.
On average, analysts expect that Fortress Biotech will report full-year sales of $33.58 million for the current financial year, with estimates ranging from $31.72 million to $35.30 million. For the next fiscal year, analysts anticipate that the company will post sales of $39.33 million, with estimates ranging from $37.02 million to $40.66 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that cover Fortress Biotech.
Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings results on Friday, August 9th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.22. The company had revenue of $9.25 million for the quarter, compared to the consensus estimate of $7.51 million.
A number of research firms recently commented on FBIO. Zacks Investment Research downgraded Fortress Biotech from a “buy” rating to a “hold” rating in a research report on Monday, July 15th. ValuEngine downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a research report on Wednesday, October 30th. Finally, Dawson James started coverage on Fortress Biotech in a research report on Monday, August 26th. They issued a “buy” rating and a $19.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $9.00.
NASDAQ:FBIO traded up $0.11 during mid-day trading on Thursday, hitting $1.44. 293,100 shares of the company traded hands, compared to its average volume of 535,377. The company has a quick ratio of 4.47, a current ratio of 4.49 and a debt-to-equity ratio of 1.10. The firm has a market cap of $93.90 million, a price-to-earnings ratio of -0.48 and a beta of 2.25. Fortress Biotech has a one year low of $0.49 and a one year high of $2.59. The stock’s fifty day moving average price is $1.36 and its 200-day moving average price is $1.57.
Hedge funds and other institutional investors have recently modified their holdings of the business. Candriam Luxembourg S.C.A. bought a new stake in Fortress Biotech during the second quarter worth approximately $34,000. A.R.T. Advisors LLC bought a new stake in Fortress Biotech during the second quarter worth approximately $56,000. Morgan Stanley increased its stake in Fortress Biotech by 65.7% during the second quarter. Morgan Stanley now owns 46,273 shares of the biopharmaceutical company’s stock worth $70,000 after acquiring an additional 18,351 shares during the last quarter. Tower Research Capital LLC TRC bought a new stake in Fortress Biotech during the third quarter worth approximately $80,000. Finally, Weiss Asset Management LP bought a new stake in Fortress Biotech during the second quarter worth approximately $91,000. 12.70% of the stock is currently owned by institutional investors.
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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