Zacks: Brokerages Expect Fortress Biotech (NASDAQ:FBIO) Will Post Quarterly Sales of $9.91 Million

Wall Street analysts forecast that Fortress Biotech (NASDAQ:FBIO) will announce sales of $9.91 million for the current quarter, Zacks reports. Three analysts have issued estimates for Fortress Biotech’s earnings, with the highest sales estimate coming in at $10.37 million and the lowest estimate coming in at $9.00 million. The company is expected to issue its next earnings results on Monday, March 16th.

On average, analysts expect that Fortress Biotech will report full-year sales of $35.17 million for the current fiscal year, with estimates ranging from $33.73 million to $35.90 million. For the next fiscal year, analysts anticipate that the business will post sales of $41.26 million, with estimates ranging from $37.02 million to $46.55 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Fortress Biotech.

Several research firms have recently issued reports on FBIO. Dawson James began coverage on Fortress Biotech in a research report on Monday, August 26th. They issued a “buy” rating and a $19.00 price target on the stock. ValuEngine downgraded Fortress Biotech from a “hold” rating to a “sell” rating in a report on Wednesday, October 30th. One equities 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 stock. The company currently has a consensus rating of “Hold” and an average target price of $9.00.

Shares of Fortress Biotech stock traded down $0.01 on Friday, hitting $1.98. 62,395 shares of the company’s stock traded hands, compared to its average volume of 330,930. The firm’s 50-day moving average price is $1.56 and its two-hundred day moving average price is $1.59. The company has a debt-to-equity ratio of 1.24, a current ratio of 3.55 and a quick ratio of 3.53. The stock has a market capitalization of $145.81 million, a PE ratio of -0.66 and a beta of 2.32. Fortress Biotech has a one year low of $0.49 and a one year high of $2.59.

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A number of large investors have recently modified their holdings of FBIO. Morgan Stanley increased its position in shares of Fortress Biotech by 65.7% during the 2nd quarter. Morgan Stanley now owns 46,273 shares of the biopharmaceutical company’s stock valued at $70,000 after purchasing an additional 18,351 shares during the last quarter. Candriam Luxembourg S.C.A. acquired a new stake in shares of Fortress Biotech during the 2nd quarter worth approximately $34,000. A.R.T. Advisors LLC bought a new stake in shares of Fortress Biotech during the second quarter valued at approximately $56,000. Tower Research Capital LLC TRC acquired a new position in shares of Fortress Biotech in the third quarter valued at $80,000. Finally, Weiss Asset Management LP acquired a new position in shares of Fortress Biotech in the second quarter valued at $91,000. 9.39% of the stock is owned by hedge funds and other 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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