Fortress Biotech (NASDAQ:FBIO) Expected to Announce Quarterly Sales of $7.51 Million

Wall Street brokerages forecast that Fortress Biotech (NASDAQ:FBIO) will announce sales of $7.51 million for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Fortress Biotech’s earnings. The highest sales estimate is $7.84 million and the lowest is $7.17 million. Fortress Biotech reported sales of $63.83 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 88.2%. The business is expected to issue its next quarterly earnings report on Thursday, August 8th.

On average, analysts expect that Fortress Biotech will report full year sales of $28.98 million for the current fiscal year, with estimates ranging from $28.80 million to $29.15 million. For the next year, analysts expect that the company will report sales of $33.42 million, with estimates ranging from $30.80 million to $36.04 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings data on Friday, May 10th. The biopharmaceutical company reported ($0.27) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.58) by $0.31. The firm had revenue of $6.48 million during the quarter, compared to analyst estimates of $6.41 million.

FBIO has been the subject of several analyst reports. Roth Capital restated a “sell” rating on shares of Ballard Power Systems in a research report on Monday, July 1st. HC Wainwright boosted their target price on Acceleron Pharma from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Finally, Zacks Investment Research lowered General Finance from a “buy” rating to a “hold” rating in a research report on Monday, July 15th.

FBIO stock traded up $0.11 during midday trading on Tuesday, reaching $1.37. The stock had a trading volume of 372,217 shares, compared to its average volume of 552,374. The business’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 twelve month low of $0.49 and a twelve month high of $2.78.

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its position in shares of Fortress Biotech by 12.8% during the 4th quarter. Geode Capital Management LLC now owns 379,972 shares of the biopharmaceutical company’s stock worth $326,000 after buying an additional 43,239 shares during the period. Cpwm LLC grew its position in shares of Fortress Biotech by 11.7% during the 1st 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. National Asset Management Inc. grew its position in shares of Fortress Biotech by 18.4% during the 1st quarter. National Asset Management Inc. now owns 56,417 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 8,750 shares during the period. Rhumbline Advisers grew its position in shares of Fortress Biotech by 45.7% during the 4th quarter. Rhumbline Advisers now owns 45,131 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 14,150 shares during the period. Finally, Two Sigma Investments LP grew its position in shares of Fortress Biotech by 96.5% during the 4th quarter. Two Sigma Investments LP now owns 30,954 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 15,200 shares during the period. Institutional investors own 13.13% of the company’s stock.

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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