Fortress Biotech (NASDAQ:FBIO) Expected to Post Quarterly Sales of $9.28 Million

Wall Street analysts forecast that Fortress Biotech (NASDAQ:FBIO) will post $9.28 million in sales for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Fortress Biotech’s earnings. The lowest sales estimate is $7.40 million and the highest is $10.37 million. The company is expected to report its next quarterly earnings report on Monday, March 16th.

According to Zacks, analysts expect that Fortress Biotech will report full year sales of $34.60 million for the current year, with estimates ranging from $32.90 million to $35.90 million. For the next fiscal year, analysts forecast that the business will post sales of $39.09 million, with estimates ranging from $32.60 million to $46.55 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO) last released its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by ($0.11). Fortress Biotech had a negative return on equity of 131.74% and a negative net margin of 143.08%. The business had revenue of $9.77 million for the quarter, compared to analyst estimates of $8.49 million.

FBIO has been the subject of several research reports. B. Riley began coverage on Fortress Biotech in a research report on Wednesday, December 18th. They issued a “buy” rating and a $9.00 target price for the company. ValuEngine lowered Fortress Biotech from a “hold” rating to a “sell” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $9.00.

Shares of Fortress Biotech stock traded down $0.20 during trading on Tuesday, hitting $2.61. 10,476 shares of the stock were exchanged, compared to its average volume of 603,518. Fortress Biotech has a 12 month low of $1.00 and a 12 month high of $2.84. The company has a debt-to-equity ratio of 1.24, a quick ratio of 3.53 and a current ratio of 3.55. The stock has a market cap of $190.33 million, a PE ratio of -0.90 and a beta of 2.39. The stock’s fifty day moving average is $2.29 and its 200 day moving average is $1.72.

Several hedge funds have recently modified their holdings of FBIO. A.R.T. Advisors LLC bought a new stake in Fortress Biotech during the second quarter worth about $56,000. Alpine Global Management LLC acquired a new position in Fortress Biotech in the fourth quarter worth approximately $57,000. Morgan Stanley lifted its position in Fortress Biotech by 65.7% in the second quarter. Morgan Stanley now owns 46,273 shares of the biopharmaceutical company’s stock worth $70,000 after purchasing an additional 18,351 shares during the period. Tower Research Capital LLC TRC acquired a new position in shares of Fortress Biotech during the 3rd quarter worth about $80,000. Finally, Weiss Asset Management LP bought a new stake in shares of Fortress Biotech during the 2nd quarter worth approximately $91,000. 11.66% of the stock is owned by institutional investors.

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.

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