Zacks: Brokerages Anticipate Array BioPharma Inc. (NASDAQ:ARRY) Will Announce Quarterly Sales of $30.60 Million
Equities analysts predict that Array BioPharma Inc. (NASDAQ:ARRY) will report $30.60 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have made 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 would suggest 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 financial year, analysts forecast that the company will report sales of $115.90 million per share, with estimates ranging from $48.00 million to $201.00 million. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Array BioPharma.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.16) by $0.05. The firm had revenue of $33.28 million for the quarter, compared to analyst estimates of $38.28 million. During the same quarter in the prior year, the company earned ($0.16) EPS. Array BioPharma’s revenue for the quarter was down 22.7% compared to the same quarter last year.
A number of analysts recently weighed in on the stock. Jefferies Group LLC set a $8.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research report on Saturday, May 6th. Cantor Fitzgerald reiterated a “buy” rating and issued a $13.00 price target on shares of Array BioPharma in a research report on Tuesday, July 18th. BidaskClub downgraded shares of Array BioPharma from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies set a $14.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, Vetr downgraded shares of Array BioPharma from a “strong-buy” rating to a “buy” rating and set a $9.88 price target on the stock. in a research report on Monday, April 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. Array BioPharma currently has a consensus rating of “Hold” and a consensus target price of $11.54.
Hedge funds have recently made changes to their positions in the company. Prudential Financial Inc. increased its stake in shares of Array BioPharma by 3.5% in the first quarter. Prudential Financial Inc. now owns 17,377 shares of the biopharmaceutical company’s stock valued at $155,000 after buying an additional 590 shares during the period. Nisa Investment Advisors LLC increased its stake in shares of Array BioPharma by 0.3% in the second quarter. Nisa Investment Advisors LLC now owns 182,500 shares of the biopharmaceutical company’s stock valued at $1,528,000 after buying an additional 630 shares during the period. Quantitative Systematic Strategies LLC increased its stake in shares of Array BioPharma by 9.6% in the second quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after buying an additional 1,103 shares during the period. Quantbot Technologies LP increased its stake in shares of Array BioPharma by 10.9% in the first quarter. Quantbot Technologies LP now owns 14,523 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 1,423 shares during the period. Finally, KCG Holdings Inc. increased its stake in shares of Array BioPharma by 15.5% in the first quarter. KCG Holdings Inc. now owns 26,638 shares of the biopharmaceutical company’s stock valued at $238,000 after buying an additional 3,577 shares during the period. Hedge funds and other institutional investors own 98.01% of the company’s stock.
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Array BioPharma (ARRY) traded down 0.13% during midday trading on Thursday, hitting $7.76. 1,207,913 shares of the stock were exchanged. The company has a 50 day moving average price of $8.27 and a 200 day moving average price of $9.28. The firm’s market capitalization is $1.33 billion. Array BioPharma has a one year low of $3.10 and a one year high of $13.40.
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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