Fortress Biotech, Inc. (NASDAQ:FBIO) Expected to Post Quarterly Sales of $21.79 Million

Wall Street brokerages expect Fortress Biotech, Inc. (NASDAQ:FBIO – Get Rating) to report sales of $21.79 million for the current quarter, Zacks reports. Five analysts have provided estimates for Fortress Biotech’s earnings, with estimates ranging from $19.30 million to $25.00 million. Fortress Biotech posted sales of $17.84 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.1%. The firm is scheduled to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Fortress Biotech will report full-year sales of $92.85 million for the current year, with estimates ranging from $76.60 million to $103.17 million. For the next financial year, analysts expect that the company will post sales of $144.70 million, with estimates ranging from $102.70 million to $244.84 million. Zacks’ sales averages are an average based on a survey of research firms that cover Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO – Get Rating) last posted its quarterly earnings data on Thursday, May 12th. The biopharmaceutical company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.10. Fortress Biotech had a negative net margin of 88.31% and a negative return on equity of 32.56%. During the same period last year, the business posted ($0.11) EPS.

Several research firms have commented on FBIO. Zacks Investment Research upgraded Fortress Biotech from a “strong sell” rating to a “hold” rating in a report on Friday, May 13th. Roth Capital reissued a “buy” rating on shares of Fortress Biotech in a research report on Tuesday, March 29th. TheStreet lowered Fortress Biotech from a “c-” rating to a “d+” rating in a research report on Monday, February 14th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $6.00 target price on shares of Fortress Biotech in a research report on Friday, May 13th. Finally, StockNews.com lowered Fortress Biotech from a “hold” rating to a “sell” rating in a research report on Wednesday, May 11th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $9.50.

NASDAQ:FBIO opened at $0.91 on Wednesday. The stock has a fifty day simple moving average of $1.19 and a 200-day simple moving average of $2.00. Fortress Biotech has a 52-week low of $0.79 and a 52-week high of $4.49. The company has a market capitalization of $97.37 million, a PE ratio of -1.05 and a beta of 2.27. The company has a quick ratio of 3.15, a current ratio of 3.31 and a debt-to-equity ratio of 0.46.

Several hedge funds have recently made changes to their positions in FBIO. Renaissance Technologies LLC lifted its position in shares of Fortress Biotech by 1,005.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,101,300 shares of the biopharmaceutical company’s stock worth $1,498,000 after buying an additional 1,001,653 shares during the period. Acadian Asset Management LLC grew its stake in shares of Fortress Biotech by 169.1% during the first quarter. Acadian Asset Management LLC now owns 424,693 shares of the biopharmaceutical company’s stock worth $575,000 after purchasing an additional 266,853 shares during the period. Morgan Stanley grew its stake in shares of Fortress Biotech by 768.2% during the second quarter. Morgan Stanley now owns 266,945 shares of the biopharmaceutical company’s stock worth $953,000 after purchasing an additional 236,198 shares during the period. GSA Capital Partners LLP acquired a new position in Fortress Biotech in the first quarter valued at about $277,000. Finally, Wells Fargo & Company MN grew its stake in Fortress Biotech by 293.5% in the fourth quarter. Wells Fargo & Company MN now owns 227,638 shares of the biopharmaceutical company’s stock valued at $569,000 after acquiring an additional 169,790 shares during the period. Institutional investors own 30.92% of the company’s stock.

About Fortress Biotech (Get Rating)

Fortress Biotech, Inc, a biopharmaceutical company, develops and commercializes pharmaceutical and biotechnology products. The company markets dermatology products, such as Ximino capsules to treat only inflammatory lesions of non-nodular moderate to severe acne vulgaris; Targadox for severe acne; Exelderm cream for ringworm and jock itch symptoms; Ceracade for dry skin conditions; Luxamend for dressing and managing wounds; and Accutane capsules for severe recalcitrant nodular acne.

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