SunTrust Banks Weighs in on Array BioPharma Inc.’s FY2020 Earnings (ARRY)
Array BioPharma Inc. (NASDAQ:ARRY) – Investment analysts at SunTrust Banks dropped their FY2020 EPS estimates for Array BioPharma in a research note issued to investors on Tuesday. SunTrust Banks analyst P. Lawson now expects that the biopharmaceutical company will post earnings of $0.17 per share for the year, down from their previous estimate of $0.26. SunTrust Banks currently has a “Buy” rating and a $16.00 target price on the stock.
Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, hitting analysts’ consensus estimates of ($0.22). Array BioPharma had a negative return on equity of 413.87% and a negative net margin of 89.30%. The company had revenue of $29.75 million during the quarter, compared to analysts’ expectations of $33.74 million. During the same quarter in the previous year, the firm earned ($0.20) EPS. Array BioPharma’s revenue was down 24.2% on a year-over-year basis.
COPYRIGHT VIOLATION WARNING: This report was first reported by American Banking News and is the sole property of of American Banking News. If you are reading this report on another publication, it was illegally copied and reposted in violation of United States and international copyright laws. The original version of this report can be viewed at https://www.americanbankingnews.com/2017/11/02/suntrust-banks-weighs-in-on-array-biopharma-inc-s-fy2020-earnings-arry.html.
ARRY has been the topic of a number of other research reports. Stifel Nicolaus restated a “buy” rating and set a $13.00 price target on shares of Array BioPharma in a research report on Thursday, August 10th. Piper Jaffray Companies set a $14.00 price target on Array BioPharma and gave the company a “buy” rating in a research report on Tuesday, July 18th. Cantor Fitzgerald set a $15.00 price target on Array BioPharma and gave the company a “buy” rating in a research report on Tuesday. Jefferies Group LLC set a $9.00 price target on Array BioPharma and gave the company a “buy” rating in a research report on Friday, August 25th. Finally, BidaskClub downgraded Array BioPharma from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.65.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Array BioPharma by 15.5% in the second quarter. Vanguard Group Inc. now owns 19,622,890 shares of the biopharmaceutical company’s stock worth $164,243,000 after purchasing an additional 2,629,475 shares during the last quarter. BlackRock Inc. grew its stake in shares of Array BioPharma by 1.0% in the second quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock worth $108,765,000 after purchasing an additional 125,563 shares during the last quarter. State Street Corp grew its stake in shares of Array BioPharma by 15.5% in the second quarter. State Street Corp now owns 9,544,525 shares of the biopharmaceutical company’s stock worth $79,890,000 after purchasing an additional 1,279,750 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Array BioPharma by 48.4% in the second quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock worth $74,920,000 after purchasing an additional 2,918,156 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Array BioPharma by 8.5% in the second quarter. Northern Trust Corp now owns 2,130,493 shares of the biopharmaceutical company’s stock worth $17,832,000 after purchasing an additional 166,031 shares during the last quarter. 85.61% of the stock is currently owned by institutional investors.
In other news, Director Kyle Lefkoff sold 38,865 shares of Array BioPharma stock in a transaction dated Friday, September 29th. The stock was sold at an average price of $12.31, for a total value of $478,428.15. Following the transaction, the director now owns 51,585 shares in the company, valued at $635,011.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.18% of the stock is currently owned by insiders.
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).
Receive News & Ratings for Array BioPharma Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array BioPharma Inc. and related companies with MarketBeat.com's FREE daily email newsletter.