Wall Street brokerages forecast that Array Biopharma Inc (NASDAQ:ARRY) will post ($0.16) earnings per share for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for Array Biopharma’s earnings, with the highest EPS estimate coming in at $0.02 and the lowest estimate coming in at ($0.31). Array Biopharma reported earnings per share of ($0.17) during the same quarter last year, which suggests a positive year-over-year growth rate of 5.9%. The company is scheduled to issue its next earnings report on Tuesday, February 5th.
According to Zacks, analysts expect that Array Biopharma will report full-year earnings of ($0.73) per share for the current financial year, with EPS estimates ranging from ($1.11) to ($0.40). For the next financial year, analysts forecast that the company will report earnings of ($0.41) per share, with EPS estimates ranging from ($1.08) to $0.20. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that follow Array Biopharma.
Array Biopharma (NASDAQ:ARRY) last announced its quarterly earnings data on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. The company had revenue of $56.91 million for the quarter, compared to analyst estimates of $34.47 million. Array Biopharma had a negative return on equity of 80.00% and a negative net margin of 66.77%. The firm’s revenue for the quarter was up 91.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.22) EPS.
ARRY has been the topic of several analyst reports. Guggenheim initiated coverage on Array Biopharma in a report on Monday, September 17th. They set a “buy” rating on the stock. BidaskClub upgraded Array Biopharma from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 29th. Cowen set a $22.00 price target on Array Biopharma and gave the stock a “buy” rating in a report on Sunday, October 7th. Finally, Zacks Investment Research upgraded Array Biopharma from a “sell” rating to a “hold” rating in a report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $22.44.
ARRY stock traded up $0.60 during midday trading on Thursday, reaching $16.80. The stock had a trading volume of 4,009,498 shares, compared to its average volume of 2,939,286. The company has a debt-to-equity ratio of 0.42, a quick ratio of 4.71 and a current ratio of 4.71. The firm has a market capitalization of $3.20 billion, a P/E ratio of -23.01 and a beta of 1.11. Array Biopharma has a 52-week low of $10.21 and a 52-week high of $20.21.
In related news, Director Lunsen Gil J. Van sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $14.76, for a total transaction of $265,680.00. Following the completion of the sale, the director now directly owns 37,297 shares of the company’s stock, valued at approximately $550,503.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jason Haddock sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $13.92, for a total value of $278,400.00. Following the sale, the chief financial officer now directly owns 35,393 shares of the company’s stock, valued at $492,670.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 47,687 shares of company stock worth $693,066. Insiders own 2.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. CIBC Private Wealth Group LLC acquired a new stake in shares of Array Biopharma during the 2nd quarter worth about $101,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Array Biopharma by 107.9% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,614 shares of the biopharmaceutical company’s stock worth $140,000 after purchasing an additional 4,470 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in shares of Array Biopharma during the 3rd quarter worth about $164,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Array Biopharma during the 2nd quarter worth about $191,000. Finally, Royal Bank of Canada increased its position in shares of Array Biopharma by 266.7% during the 1st quarter. Royal Bank of Canada now owns 12,874 shares of the biopharmaceutical company’s stock worth $211,000 after purchasing an additional 9,363 shares during the last quarter. 92.56% of the stock is owned by hedge funds and other institutional investors.
About Array Biopharma
Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.
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