Wall Street analysts expect that Fortress Biotech (NASDAQ:FBIO) will announce $8.11 million in sales for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Fortress Biotech’s earnings, with estimates ranging from $6.87 million to $9.34 million. Fortress Biotech reported sales of $63.69 million during the same quarter last year, which would suggest a negative year over year growth rate of 87.3%. The firm is scheduled to announce its next quarterly earnings report on Friday, November 8th.
According to Zacks, analysts expect that Fortress Biotech will report full year sales of $32.23 million for the current financial year, with estimates ranging from $29.15 million to $35.30 million. For the next year, analysts anticipate 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 averages are a mean average based on a survey of sell-side analysts that follow Fortress Biotech.
Fortress Biotech (NASDAQ:FBIO) last posted its quarterly earnings data on Friday, August 9th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.22. The business had revenue of $9.25 million for the quarter, compared to analysts’ expectations of $7.51 million.
Several equities research analysts have issued reports on FBIO shares. Roth Capital started coverage on Fortress Biotech in a report on Monday, July 1st. They set a “buy” rating and a $4.00 price objective on the stock. Zacks Investment Research downgraded Fortress Biotech from a “buy” rating to a “hold” rating in a report on Monday, July 15th. ValuEngine upgraded Fortress Biotech from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. Finally, HC Wainwright restated a “buy” rating and set a $11.00 price objective on shares of Fortress Biotech in a report on Monday, May 13th.
Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its holdings in shares of 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 last quarter. Two Sigma Investments LP increased its holdings in shares of 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 last quarter. FNY Investment Advisers LLC bought a new stake in shares of Fortress Biotech in the 2nd quarter valued at approximately $202,000. National Asset Management Inc. increased its holdings in shares of 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 acquiring an additional 8,750 shares during the last quarter. Finally, Dowling & Yahnke LLC bought a new stake in shares of Fortress Biotech in the 1st quarter valued at approximately $36,000. Institutional investors and hedge funds own 12.90% of the company’s stock.
FBIO stock traded down $0.05 during midday trading on Thursday, hitting $1.53. 210,000 shares of the company’s stock were exchanged, compared to its average volume of 615,836. The company has a current ratio of 2.79, a quick ratio of 2.78 and a debt-to-equity ratio of 1.94. Fortress Biotech has a 12-month low of $0.49 and a 12-month high of $2.59. The firm has a 50 day moving average price of $1.42 and a 200-day moving average price of $1.74. The stock has a market capitalization of $111.15 million, a price-to-earnings ratio of -0.51 and a beta of 2.48.
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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