Zacks: Brokerages Expect Array BioPharma Inc. (ARRY) Will Announce Quarterly Sales of $30.60 Million

Analysts expect Array BioPharma Inc. (NASDAQ:ARRY) to report $30.60 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Array BioPharma’s earnings, with the lowest sales estimate coming in at $27.05 million and the highest estimate coming in at $33.28 million. Array BioPharma reported sales of $43.21 million during the same quarter last year, which indicates a negative year over year growth rate of 29.2%. The firm is expected to issue its next earnings results on Thursday, August 3rd.

According to Zacks, analysts expect that Array BioPharma will report full year sales of $30.60 million for the current fiscal year, with estimates ranging from $130.00 million to $150.35 million. For the next fiscal year, analysts forecast that the company will post sales of $115.90 million per share, with estimates ranging from $48.00 million to $201.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Array BioPharma.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data 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 business had revenue of $33.28 million for the quarter, compared to analyst estimates of $38.28 million. The company’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.16) earnings per share.

Several brokerages have recently commented on ARRY. Vetr upgraded Array BioPharma from a “strong sell” rating to a “sell” rating and set a $9.99 price target on the stock in a research note on Monday, March 13th. Cowen and Company cut their price target on Array BioPharma to $14.00 and set an “outperform” rating on the stock in a research note on Monday, March 20th. J P Morgan Chase & Co set a $9.00 price target on Array BioPharma and gave the company a “hold” rating in a research note on Monday, March 20th. Jefferies Group LLC restated a “buy” rating and set a $8.00 price target on shares of Array BioPharma in a research note on Wednesday, March 29th. Finally, BidaskClub upgraded Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 22nd. One investment 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 an average rating of “Buy” and a consensus price target of $11.54.

Shares of Array BioPharma (NASDAQ ARRY) traded up 3.94% on Friday, reaching $8.70. 1,429,908 shares of the company’s stock were exchanged. The company’s 50 day moving average is $8.14 and its 200-day moving average is $9.33. The stock’s market cap is $1.49 billion. Array BioPharma has a one year low of $3.10 and a one year high of $13.40.

TRADEMARK VIOLATION WARNING: This news story was first published by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are reading this news story on another site, it was copied illegally and reposted in violation of U.S. & international copyright and trademark laws. The correct version of this news story can be read at https://www.chaffeybreeze.com/2017/07/30/zacks-brokerages-expect-array-biopharma-inc-arry-will-announce-quarterly-sales-of-30-60-million-updated-updated-updated.html.

A number of large investors have recently modified their holdings of ARRY. Vanguard Group Inc. increased its stake in shares of Array BioPharma by 56.8% in the first quarter. Vanguard Group Inc. now owns 16,993,415 shares of the biopharmaceutical company’s stock worth $151,921,000 after buying an additional 6,156,120 shares during the last quarter. BlackRock Inc. increased its stake in shares of Array BioPharma by 38,275.2% in the first quarter. BlackRock Inc. now owns 12,869,137 shares of the biopharmaceutical company’s stock worth $115,049,000 after buying an additional 12,835,602 shares during the last quarter. State Street Corp increased its stake in shares of Array BioPharma by 28.6% in the first quarter. State Street Corp now owns 8,264,775 shares of the biopharmaceutical company’s stock worth $73,882,000 after buying an additional 1,837,047 shares during the last quarter. Teachers Advisors LLC increased its stake in shares of Array BioPharma by 3.1% in the fourth quarter. Teachers Advisors LLC now owns 2,040,451 shares of the biopharmaceutical company’s stock worth $17,936,000 after buying an additional 61,659 shares during the last quarter. Finally, Cambiar Investors LLC increased its stake in shares of Array BioPharma by 145.1% in the first quarter. Cambiar Investors LLC now owns 1,960,432 shares of the biopharmaceutical company’s stock worth $17,526,000 after buying an additional 1,160,516 shares during the last quarter. 97.59% of the stock is currently 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).

Get a free copy of the Zacks research report on Array BioPharma (ARRY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Array BioPharma (NASDAQ:ARRY)

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.

Latest News

Leave a Reply