Analysts Anticipate Array Biopharma Inc (NASDAQ:ARRY) Will Post Quarterly Sales of $68.65 Million

Equities research analysts predict that Array Biopharma Inc (NASDAQ:ARRY) will post $68.65 million in sales for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for Array Biopharma’s earnings, with estimates ranging from $57.73 million to $79.98 million. Array Biopharma reported sales of $35.44 million during the same quarter last year, which indicates a positive year-over-year growth rate of 93.7%. The business is scheduled to report its next earnings results on Tuesday, August 13th.

According to Zacks, analysts expect that Array Biopharma will report full year sales of $270.71 million for the current financial year, with estimates ranging from $261.87 million to $284.11 million. For the next fiscal year, analysts anticipate that the company will post sales of $360.83 million, with estimates ranging from $288.54 million to $474.36 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Array Biopharma.

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

A number of research analysts have weighed in on the company. Zacks Investment Research upgraded Array Biopharma from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Friday, May 10th. Svb Leerink downgraded Array Biopharma from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $32.00 to $48.00 in a research note on Tuesday, June 18th. Piper Jaffray Companies downgraded Array Biopharma from an “overweight” rating to a “neutral” rating in a research note on Monday, June 17th. SunTrust Banks lifted their target price on Array Biopharma to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, May 22nd. Finally, Cowen reiterated a “buy” rating and set a $25.00 target price on shares of Array Biopharma in a research note on Monday, June 17th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $33.75.

ARRY stock traded down $0.09 during mid-day trading on Friday, reaching $46.12. The company had a trading volume of 4,489,615 shares, compared to its average volume of 4,404,303. 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’s 50 day moving average is $29.55. The company has a market capitalization of $10.22 billion, a P/E ratio of -63.12 and a beta of 1.16. Array Biopharma has a 52 week low of $12.56 and a 52 week high of $47.05.

In other news, insider Victor Sandor sold 40,634 shares of Array Biopharma stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $26.50, for a total transaction of $1,076,801.00. Following the completion of the transaction, the insider now directly owns 278,326 shares in the company, valued at approximately $7,375,639. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 180,011 shares of company stock valued at $4,862,502 over the last quarter. 2.10% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Cornerstone Advisors Inc. lifted its holdings in Array Biopharma by 38.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 615 shares during the last quarter. Bank of Montreal Can raised its holdings in Array Biopharma by 47.3% in the 4th quarter. Bank of Montreal Can now owns 5,879 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 1,888 shares in the last quarter. Advisory Services Network LLC acquired a new position in Array Biopharma in the 1st quarter valued at $84,000. Advisor Group Inc. raised its holdings in Array Biopharma by 39.2% in the 4th quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,720 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in Array Biopharma in the 4th quarter valued at $147,000.

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

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