Analysts Expect Array BioPharma Inc. (ARRY) Will Announce Quarterly Sales of $30.60 Million
Wall Street brokerages expect Array BioPharma Inc. (NASDAQ:ARRY) to post sales of $30.60 million for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Array BioPharma’s earnings, with estimates ranging from $27.05 million to $33.28 million. Array BioPharma reported sales of $43.21 million in the same quarter last year, which indicates a negative year over year growth rate of 29.2%. The company is expected to issue its next earnings report on Thursday, August 3rd.
According to Zacks, analysts expect that Array BioPharma will report full year sales of $30.60 million for the current year, with estimates ranging from $130.00 million to $150.35 million. For the next fiscal year, analysts forecast that the firm will report sales of $115.90 million per share, with estimates ranging from $48.00 million to $201.00 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Array BioPharma.
Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.05. The company had revenue of $33.28 million for the quarter, compared to analysts’ expectations of $38.28 million. The firm’s quarterly revenue was down 22.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.16) earnings per share.
A number of research firms have issued reports on ARRY. Jefferies Group LLC set a $8.00 target price on shares of Array BioPharma and gave the company a “buy” rating in a research note on Saturday, May 6th. BidaskClub raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 22nd. Piper Jaffray Companies set a $14.00 target price on shares of Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, July 18th. Zacks Investment Research lowered shares of Array BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $13.00 target price on shares of Array BioPharma in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Array BioPharma presently has an average rating of “Hold” and an average target price of $11.54.
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Array BioPharma (NASDAQ:ARRY) traded down 0.13% on Thursday, reaching $7.76. 1,207,913 shares of the company traded hands. The company’s market capitalization is $1.33 billion. The company has a 50-day moving average price of $8.27 and a 200-day moving average price of $9.28. Array BioPharma has a 12 month low of $3.10 and a 12 month high of $13.40.
Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Array BioPharma by 38,275.2% in the first quarter. BlackRock Inc. now owns 12,869,137 shares of the biopharmaceutical company’s stock worth $115,049,000 after buying an additional 12,835,602 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Array BioPharma by 56.8% in the first quarter. Vanguard Group Inc. now owns 16,993,415 shares of the biopharmaceutical company’s stock worth $151,921,000 after buying an additional 6,156,120 shares in the last quarter. State Street Corp raised its stake in shares of Array BioPharma by 28.6% in the first quarter. State Street Corp now owns 8,264,775 shares of the biopharmaceutical company’s stock worth $73,882,000 after buying an additional 1,837,047 shares in the last quarter. Cambiar Investors LLC raised its stake in shares of Array BioPharma by 145.1% in the first quarter. Cambiar Investors LLC now owns 1,960,432 shares of the biopharmaceutical company’s stock worth $17,526,000 after buying an additional 1,160,516 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Array BioPharma during the first quarter worth $8,497,000. 98.01% of the stock is owned by institutional investors.
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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