SunTrust Banks Analysts Reduce Earnings Estimates for Array Biopharma Inc (ARRY)

Array Biopharma Inc (NASDAQ:ARRY) – Investment analysts at SunTrust Banks reduced their FY2020 earnings per share (EPS) estimates for shares of Array Biopharma in a note issued to investors on Tuesday, May 21st. SunTrust Banks analyst P. Lawson now expects that the biopharmaceutical company will post earnings of ($0.81) per share for the year, down from their previous forecast of ($0.79). SunTrust Banks has a “Buy” rating and a $32.00 price target on the stock. SunTrust Banks also issued estimates for Array Biopharma’s FY2021 earnings at $0.22 EPS and FY2022 earnings at $1.78 EPS.

Array Biopharma (NASDAQ:ARRY) last issued its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The firm had revenue of $64.68 million during the quarter, compared to analyst estimates of $54.04 million. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.11) earnings per share.

ARRY has been the subject of a number of other research reports. Zacks Investment Research lowered shares of Array Biopharma from a “buy” rating to a “hold” rating in a research report on Monday, January 28th. Cantor Fitzgerald increased their target price on shares of Array Biopharma from $30.00 to $34.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Array Biopharma from $18.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. Cowen set a $25.00 price target on shares of Array Biopharma and gave the stock a “buy” rating in a report on Sunday, May 5th. Finally, BidaskClub downgraded shares of Array Biopharma from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $28.70.

Shares of NASDAQ:ARRY opened at $26.40 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.70 and a quick ratio of 5.65. The stock has a market cap of $5.85 billion, a price-to-earnings ratio of -36.16 and a beta of 1.40. Array Biopharma has a twelve month low of $12.56 and a twelve month high of $26.82.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. raised its stake in Array Biopharma by 635.8% in the fourth quarter. Meeder Asset Management Inc. now owns 2,097 shares of the biopharmaceutical company’s stock valued at $30,000 after purchasing an additional 1,812 shares in the last quarter. Cornerstone Advisors Inc. raised its stake in Array Biopharma by 38.2% in the first quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 615 shares in the last quarter. Exane Derivatives purchased a new stake in Array Biopharma in the fourth quarter valued at approximately $39,000. IFP Advisors Inc purchased a new stake in Array Biopharma in the fourth quarter valued at approximately $40,000. Finally, Advisory Services Network LLC purchased a new position in shares of Array Biopharma during the first quarter worth approximately $84,000. 96.16% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Victor Sandor sold 12,600 shares of the stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $26.50, for a total value of $333,900.00. Following the sale, the insider now directly owns 250,292 shares of the company’s stock, valued at $6,632,738. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Array Biopharma Company Profile

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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Earnings History and Estimates for Array Biopharma (NASDAQ:ARRY)

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