Q3 2018 Earnings Forecast for Array BioPharma Inc. Issued By Leerink Swann (ARRY)
Array BioPharma Inc. (NASDAQ:ARRY) – Research analysts at Leerink Swann lifted their Q3 2018 EPS estimates for shares of Array BioPharma in a report released on Tuesday. Leerink Swann analyst M. Schmidt now anticipates that the biopharmaceutical company will post earnings of ($0.18) per share for the quarter, up from their previous forecast of ($0.23). Leerink Swann currently has a “Outperform” rating and a $20.00 target price on the stock. Leerink Swann also issued estimates for Array BioPharma’s Q4 2018 earnings at ($0.27) EPS, FY2018 earnings at ($0.84) EPS, FY2019 earnings at ($0.72) EPS and FY2020 earnings at ($0.37) EPS.
Array BioPharma (NASDAQ:ARRY) last released its earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.06. The company had revenue of $42.21 million for the quarter, compared to the consensus estimate of $26.81 million. Array BioPharma had a negative net margin of 98.51% and a negative return on equity of 107.79%. The company’s revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.14) EPS.
Shares of Array BioPharma (NASDAQ:ARRY) traded down $0.38 during mid-day trading on Friday, hitting $16.49. The stock had a trading volume of 1,348,231 shares, compared to its average volume of 4,965,183. The company has a current ratio of 6.17, a quick ratio of 5.43 and a debt-to-equity ratio of 0.39. The company has a market cap of $3,310.00, a PE ratio of -21.74 and a beta of 2.03. Array BioPharma has a one year low of $6.73 and a one year high of $18.24.
In related news, CFO Jason Haddock sold 7,500 shares of the stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $13.73, for a total transaction of $102,975.00. Following the completion of the sale, the chief financial officer now directly owns 36,368 shares of the company’s stock, valued at approximately $499,332.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lunsen Gil J. Van sold 21,500 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $12.94, for a total value of $278,210.00. Following the sale, the director now directly owns 34,297 shares of the company’s stock, valued at $443,803.18. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,131,545 shares of company stock valued at $12,315,221. 3.18% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. increased its stake in Array BioPharma by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 1,012 shares in the last quarter. Amalgamated Bank grew its holdings in Array BioPharma by 5.6% during the second quarter. Amalgamated Bank now owns 22,141 shares of the biopharmaceutical company’s stock worth $185,000 after buying an additional 1,174 shares in the last quarter. Prudential Financial Inc. grew its holdings in Array BioPharma by 9.1% during the second quarter. Prudential Financial Inc. now owns 18,957 shares of the biopharmaceutical company’s stock worth $159,000 after buying an additional 1,580 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Array BioPharma by 70.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock worth $118,000 after buying an additional 3,834 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Array BioPharma by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 132,865 shares of the biopharmaceutical company’s stock worth $1,112,000 after buying an additional 4,287 shares in the last quarter. 98.13% of the stock is owned by institutional investors and hedge funds.
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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