Equities research analysts predict that Array BioPharma Inc. (NASDAQ:ARRY) will announce sales of $31.65 million for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Array BioPharma’s earnings. The lowest sales estimate is $27.94 million and the highest is $38.50 million. Array BioPharma reported sales of $33.28 million in the same quarter last year, which would suggest a negative year over year growth rate of 4.9%. The firm is expected to report its next earnings results on Wednesday, May 9th.
On average, analysts expect that Array BioPharma will report full year sales of $31.65 million for the current fiscal year, with estimates ranging from $117.00 million to $146.00 million. For the next year, analysts anticipate that the company will report sales of $175.74 million per share, with estimates ranging from $124.40 million to $260.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Array BioPharma.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.06. Array BioPharma had a negative net margin of 98.51% and a negative return on equity of 107.79%. The company had revenue of $42.21 million during the quarter, compared to analysts’ expectations of $26.81 million. During the same period in the prior year, the company earned ($0.14) earnings per share. The business’s quarterly revenue was down 5.2% compared to the same quarter last year.
A number of equities research analysts have issued reports on ARRY shares. Cantor Fitzgerald set a $15.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a report on Wednesday, January 3rd. Zacks Investment Research cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a report on Thursday, January 4th. SunTrust Banks restated a “buy” rating and set a $16.00 price target on shares of Array BioPharma in a report on Wednesday, November 1st. Stifel Nicolaus upped their price target on shares of Array BioPharma from $15.00 to $20.00 and gave the company a “buy” rating in a report on Monday, January 22nd. Finally, Leerink Swann upgraded shares of Array BioPharma from a “market perform” rating to an “outperform” rating in a report on Monday, January 22nd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $16.43.
In other news, Director Charles M. Baum sold 50,000 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $16.90, for a total transaction of $845,000.00. Following the completion of the transaction, the director now owns 35,000 shares of the company’s stock, valued at $591,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ron Squarer sold 819,671 shares of the company’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $10.86, for a total transaction of $8,901,627.06. The disclosure for this sale can be found here. Insiders have sold 1,181,545 shares of company stock valued at $13,160,221 in the last ninety days. 3.18% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in ARRY. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Array BioPharma by 70.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock valued at $118,000 after buying an additional 3,834 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in Array BioPharma by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 1,012 shares in the last quarter. QS Investors LLC acquired a new position in Array BioPharma in the fourth quarter worth about $134,000. Fox Run Management L.L.C. acquired a new position in Array BioPharma in the third quarter worth about $146,000. Finally, Raymond James Financial Services Advisors Inc. raised its position in Array BioPharma by 71.9% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 18,317 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 7,661 shares in the last quarter. 92.92% of the stock is owned by institutional investors and hedge funds.
Array BioPharma (NASDAQ:ARRY) traded up $0.56 during mid-day trading on Monday, reaching $17.15. 4,230,900 shares of the company’s stock were exchanged, compared to its average volume of 4,942,523. The company has a debt-to-equity ratio of 0.39, a current ratio of 6.17 and a quick ratio of 6.17. Array BioPharma has a one year low of $6.73 and a one year high of $18.24. The company has a market capitalization of $3,390.00, a PE ratio of -22.27 and a beta of 2.03.
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About Array BioPharma
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).
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