Zacks: Analysts Expect Array BioPharma Inc. (ARRY) Will Announce Quarterly Sales of $22.68 Million
Wall Street analysts expect that Array BioPharma Inc. (NASDAQ:ARRY) will announce sales of $22.68 million for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Array BioPharma’s earnings. The lowest sales estimate is $3.00 million and the highest is $32.00 million. Array BioPharma posted sales of $39.27 million in the same quarter last year, which suggests a negative year-over-year growth rate of 42.2%. The business is scheduled to issue its next earnings report on Tuesday, November 7th.
On average, analysts expect that Array BioPharma will report full-year sales of $22.68 million for the current fiscal year, with estimates ranging from $48.00 million to $252.00 million. For the next financial year, analysts anticipate that the company will post sales of $264.71 million per share, with estimates ranging from $145.50 million to $512.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Array BioPharma.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The business had revenue of $33.80 million during the quarter, compared to analysts’ expectations of $28.64 million. During the same quarter in the previous year, the company earned ($0.17) EPS. The business’s quarterly revenue was down 21.8% compared to the same quarter last year.
ARRY has been the topic of several research reports. Zacks Investment Research cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BidaskClub upgraded shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 22nd. ValuEngine upgraded shares of Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Piper Jaffray Companies set a $14.00 price target on shares of Array BioPharma and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $13.00 price objective on shares of Array BioPharma in a research note on Tuesday, July 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $11.65.
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Shares of Array BioPharma (ARRY) traded up 1.76% during midday trading on Friday, hitting $9.85. 3,544,406 shares of the stock were exchanged. Array BioPharma has a 1-year low of $3.40 and a 1-year high of $13.40. The firm has a 50-day moving average of $8.54 and a 200-day moving average of $8.87. The company’s market capitalization is $1.69 billion.
A number of hedge funds and other institutional investors have recently bought and sold shares of ARRY. Vanguard Group Inc. raised its position in Array BioPharma by 15.5% in the second quarter. Vanguard Group Inc. now owns 19,622,890 shares of the biopharmaceutical company’s stock valued at $164,243,000 after buying an additional 2,629,475 shares during the last quarter. BlackRock Inc. raised 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 buying an additional 125,563 shares in the last quarter. State Street Corp raised 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 buying an additional 1,279,750 shares in the last quarter. Franklin Resources Inc. raised 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 buying an additional 2,918,156 shares in the last quarter. Finally, Northern Trust Corp raised 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 buying an additional 166,031 shares in the last quarter. 97.60% 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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