Brokerages Anticipate Fortress Biotech (NASDAQ:FBIO) to Announce -$0.31 Earnings Per Share

Wall Street brokerages predict that Fortress Biotech (NASDAQ:FBIO) will report ($0.31) earnings per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Fortress Biotech’s earnings. The highest EPS estimate is ($0.26) and the lowest is ($0.40). The business is expected to issue its next quarterly earnings results on Monday, March 16th.

On average, analysts expect that Fortress Biotech will report full year earnings of ($0.76) per share for the current fiscal year, with EPS estimates ranging from ($0.87) to ($0.70). For the next year, analysts anticipate that the company will report earnings of ($1.29) per share, with EPS estimates ranging from ($1.55) to ($0.90). Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that follow Fortress Biotech.

Fortress Biotech (NASDAQ:FBIO) last released its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.44) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by ($0.11). Fortress Biotech had a negative net margin of 143.08% and a negative return on equity of 131.74%. The company had revenue of $9.77 million for the quarter, compared to analysts’ expectations of $8.49 million.

FBIO has been the topic of several recent research reports. B. Riley initiated coverage on Fortress Biotech in a report on Wednesday, December 18th. They set a “buy” rating and a $9.00 price target on the stock. ValuEngine lowered Fortress Biotech from a “hold” rating to a “sell” rating in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $9.00.

Hedge funds have recently added to or reduced their stakes in the business. Rational Advisors LLC purchased a new stake in Fortress Biotech in the third quarter worth $105,000. Morgan Stanley increased its stake in Fortress Biotech by 65.7% in the second quarter. Morgan Stanley now owns 46,273 shares of the biopharmaceutical company’s stock worth $70,000 after purchasing an additional 18,351 shares during the period. Vanguard Group Inc. increased its stake in Fortress Biotech by 65.8% in the second quarter. Vanguard Group Inc. now owns 2,112,586 shares of the biopharmaceutical company’s stock worth $3,169,000 after purchasing an additional 838,514 shares during the period. Jane Street Group LLC purchased a new stake in Fortress Biotech in the second quarter worth $197,000. Finally, FNY Investment Advisers LLC increased its stake in Fortress Biotech by 48.4% in the third quarter. FNY Investment Advisers LLC now owns 200,000 shares of the biopharmaceutical company’s stock worth $282,000 after purchasing an additional 65,243 shares during the period. Institutional investors and hedge funds own 11.66% of the company’s stock.

NASDAQ:FBIO traded down $0.23 during midday trading on Friday, hitting $2.58. 839,311 shares of the company traded hands, compared to its average volume of 496,896. The firm’s fifty day moving average is $2.30 and its 200-day moving average is $1.72. Fortress Biotech has a 12-month low of $1.00 and a 12-month high of $2.84. The firm has a market capitalization of $198.89 million, a P/E ratio of -0.86 and a beta of 2.39. The company has a current ratio of 3.55, a quick ratio of 3.53 and a debt-to-equity ratio of 1.24.

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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