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Fortress Biotech (FBIO) Surges 11.5%: Is This an Indication of Further Gains?

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Fortress Biotech FBIO shares ended the last trading session 11.5% higher at $5.44. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.2% gain over the past four weeks.

The stock has been rising for the past few days in anticipation of an approval from the FDA to its new drug application for tramadol for post-surgery acute pain, expected today. Any negative update will sigificantly hurt share price of the company.

Price and Consensus

Price Consensus Chart for FBIO
Price Consensus Chart for FBIO

This biopharmaceutical company is expected to post quarterly loss of $0.21 per share in its upcoming report, which represents a year-over-year change of -200%. Revenues are expected to be $12.27 million, down 5% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Fortress Biotech, the consensus EPS estimate for the quarter has been revised 35.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on FBIO going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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