Fortress Biotech, Inc. (NASDAQ:FBIO) Expected to Announce Quarterly Sales of $23.26 Million

Posted by on Jun 8th, 2022

Analysts expect Fortress Biotech, Inc. (NASDAQ:FBIO – Get Rating) to announce $23.26 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Fortress Biotech’s earnings. The lowest sales estimate is $20.35 million and the highest is $24.36 million. Fortress Biotech posted sales of $17.84 million in the same quarter last year, which suggests a positive year over year growth rate of 30.4%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Fortress Biotech will report full year sales of $98.87 million for the current year, with estimates ranging from $77.20 million to $126.10 million. For the next year, analysts expect that the firm will report sales of $157.03 million, with estimates ranging from $118.60 million to $244.84 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO – Get Rating) last announced its earnings results on Thursday, May 12th. The biopharmaceutical company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.10. The firm had revenue of $23.93 million for the quarter, compared to analysts’ expectations of $20.06 million. Fortress Biotech had a negative net margin of 88.31% and a negative return on equity of 32.56%. During the same period in the prior year, the company earned ($0.11) EPS.

Several equities analysts recently commented on FBIO shares. StockNews.com upgraded shares of Fortress Biotech from a “sell” rating to a “hold” rating in a report on Thursday, May 19th. Cantor Fitzgerald reissued a “buy” rating and set a $6.00 target price on shares of Fortress Biotech in a research report on Friday, May 13th. TheStreet cut shares of Fortress Biotech from a “c-” rating to a “d+” rating in a report on Monday, February 14th. Roth Capital reaffirmed a “buy” rating on shares of Fortress Biotech in a report on Tuesday, March 29th. Finally, Zacks Investment Research raised shares of Fortress Biotech from a “strong sell” rating to a “hold” rating in a report on Friday, May 13th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $9.50.

Institutional investors have recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. grew its holdings in Fortress Biotech by 113.0% during the 1st quarter. Advisor Group Holdings Inc. now owns 20,020 shares of the biopharmaceutical company’s stock worth $27,000 after acquiring an additional 10,620 shares in the last quarter. Citigroup Inc. boosted its holdings in shares of Fortress Biotech by 160.5% in the 3rd quarter. Citigroup Inc. now owns 8,879 shares of the biopharmaceutical company’s stock valued at $29,000 after buying an additional 5,470 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Fortress Biotech in the 4th quarter valued at $30,000. Two Sigma Securities LLC acquired a new position in shares of Fortress Biotech in the 3rd quarter valued at $33,000. Finally, Envestnet Asset Management Inc. acquired a new position in shares of Fortress Biotech in the 1st quarter valued at $33,000. 30.92% of the stock is currently owned by institutional investors and hedge funds.

Shares of NASDAQ FBIO opened at $1.01 on Wednesday. The stock has a market capitalization of $108.49 million, a price-to-earnings ratio of -1.17 and a beta of 2.29. Fortress Biotech has a 12-month low of $0.77 and a 12-month high of $4.49. The firm’s 50-day moving average price is $1.03 and its 200-day moving average price is $1.73. The company has a current ratio of 3.31, a quick ratio of 3.15 and a debt-to-equity ratio of 0.46.

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.

Read More

Get a free copy of the Zacks research report on Fortress Biotech (FBIO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Fortress Biotech (NASDAQ:FBIO)

Want More Great Investing Ideas?

Receive News & Ratings for Fortress Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortress Biotech and related companies with MarketBeat.com's FREE daily email newsletter.