Analysts Offer Predictions for Array BioPharma Inc.’s FY2018 Earnings (ARRY)
Array BioPharma Inc. (NASDAQ:ARRY) – Research analysts at Cantor Fitzgerald lifted their FY2018 EPS estimates for shares of Array BioPharma in a note issued to investors on Wednesday. Cantor Fitzgerald analyst M. Goldstein now anticipates that the biopharmaceutical company will earn ($1.19) per share for the year, up from their previous forecast of ($1.33). Cantor Fitzgerald has a “Buy” rating and a $15.00 price objective on the stock.
ARRY has been the topic of several other research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $13.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Piper Jaffray Companies set a $14.00 target price on Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, July 18th. Jefferies Group LLC set a $9.00 target price on Array BioPharma and gave the company a “buy” rating in a research note on Friday, August 25th. BidaskClub downgraded Array BioPharma from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Finally, Zacks Investment Research raised Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $13.65.
Shares of Array BioPharma (NASDAQ ARRY) traded up $0.08 during trading on Monday, reaching $11.21. The company’s stock had a trading volume of 1,776,562 shares, compared to its average volume of 2,940,000. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.43 and a current ratio of 5.43. Array BioPharma has a 52-week low of $5.82 and a 52-week high of $13.40.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.22). The business had revenue of $29.75 million for the quarter, compared to the consensus estimate of $33.74 million. Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The business’s revenue was down 24.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.20) EPS.
In other news, Director Kyle Lefkoff sold 38,865 shares of Array BioPharma stock in a transaction on Friday, September 29th. The stock was sold at an average price of $12.31, for a total transaction of $478,428.15. Following the transaction, the director now directly owns 51,585 shares in the company, valued at approximately $635,011.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.18% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of ARRY. Quantitative Systematic Strategies LLC increased its position in shares of Array BioPharma by 9.6% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after purchasing an additional 1,103 shares during the period. Teacher Retirement System of Texas increased its position in shares of Array BioPharma by 8.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after purchasing an additional 972 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Array BioPharma during the 2nd quarter valued at $110,000. Ameritas Investment Partners Inc. increased its position in shares of Array BioPharma by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 1,012 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in shares of Array BioPharma during the 3rd quarter valued at $146,000. Institutional investors own 84.91% of the company’s stock.
Array BioPharma Company Profile
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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