Svb Leerink Equities Analysts Raise Earnings Estimates for Array Biopharma Inc (ARRY)

Array Biopharma Inc (NASDAQ:ARRY) – Investment analysts at Svb Leerink upped their FY2022 EPS estimates for shares of Array Biopharma in a note issued to investors on Wednesday, May 22nd. Svb Leerink analyst T. Smith now expects that the biopharmaceutical company will post earnings of $2.96 per share for the year, up from their previous estimate of $2.71.

Array Biopharma (NASDAQ:ARRY) last released its quarterly 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 business had revenue of $64.68 million for the quarter, compared to analysts’ expectations of $54.04 million. Array Biopharma had a negative return on equity of 48.51% and a negative net margin of 52.64%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.11) EPS.

Other equities research analysts have also recently issued research reports about the company. BidaskClub cut Array Biopharma from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 16th. Cowen set a $25.00 price target on Array Biopharma and gave the stock a “buy” rating in a report on Sunday, May 5th. Zacks Investment Research upgraded Array Biopharma from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Wednesday, February 13th. Cantor Fitzgerald set a $30.00 price target on Array Biopharma and gave the stock a “buy” rating in a report on Tuesday, February 5th. Finally, SunTrust Banks upped their price target on Array Biopharma to $32.00 and gave the stock a “buy” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Array Biopharma presently has an average rating of “Buy” and an average price target of $28.70.

ARRY opened at $26.40 on Thursday. The company has a market capitalization of $5.85 billion, a P/E ratio of -36.16 and a beta of 1.40. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.65 and a current ratio of 5.70. Array Biopharma has a 1-year low of $12.56 and a 1-year high of $26.82.

A number of large investors have recently made changes to their positions in ARRY. FMR LLC grew its holdings in Array Biopharma by 16.9% during the 4th quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock valued at $451,632,000 after buying an additional 4,591,866 shares during the last quarter. Perceptive Advisors LLC acquired a new stake in Array Biopharma during the 1st quarter valued at $103,101,000. Marshall Wace North America L.P. grew its holdings in Array Biopharma by 19,428.9% during the 1st quarter. Marshall Wace North America L.P. now owns 2,554,381 shares of the biopharmaceutical company’s stock valued at $62,275,000 after buying an additional 2,541,301 shares during the last quarter. Norges Bank acquired a new stake in Array Biopharma during the 4th quarter valued at $27,689,000. Finally, Great Point Partners LLC acquired a new stake in Array Biopharma during the 4th quarter valued at $26,363,000. Hedge funds and other institutional investors own 96.16% of the company’s stock.

In other Array Biopharma news, insider Victor Sandor sold 12,600 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $26.50, for a total transaction of $333,900.00. Following the sale, the insider now owns 250,292 shares in the company, valued at approximately $6,632,738. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.10% of the stock is currently owned by corporate insiders.

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.

See Also: Stock Symbols, CUSIP and Other Stock Identifiers

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

Receive News & Ratings for Array Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.