Equities Analysts Set Expectations for Array Biopharma Inc’s FY2021 Earnings (ARRY)

Array Biopharma Inc (NASDAQ:ARRY) – Equities researchers at Jefferies Financial Group lowered their FY2021 earnings per share estimates for shares of Array Biopharma in a research report issued on Tuesday, October 30th. Jefferies Financial Group analyst E. Yang now forecasts that the biopharmaceutical company will earn $0.64 per share for the year, down from their prior estimate of $0.74. Jefferies Financial Group also issued estimates for Array Biopharma’s FY2022 earnings at $1.31 EPS and FY2023 earnings at $1.91 EPS.

Array Biopharma (NASDAQ:ARRY) last announced its earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.10. Array Biopharma had a negative net margin of 66.77% and a negative return on equity of 80.00%. The firm had revenue of $56.91 million for the quarter, compared to analyst estimates of $34.47 million. During the same quarter in the prior year, the business posted ($0.22) EPS. The business’s revenue was up 91.3% compared to the same quarter last year.



Other research analysts have also issued research reports about the stock. Cowen set a $22.00 target price on shares of Array Biopharma and gave the stock a “buy” rating in a research report on Wednesday. Guggenheim initiated coverage on shares of Array Biopharma in a research report on Monday, September 17th. They set a “buy” rating on the stock. Zacks Investment Research upgraded shares of Array Biopharma from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. Finally, BidaskClub upgraded shares of Array Biopharma from a “sell” rating to a “hold” rating in a research report on Wednesday, September 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $22.44.

Shares of NASDAQ:ARRY traded up $0.46 on Thursday, reaching $16.67. 465,804 shares of the company’s stock were exchanged, compared to its average volume of 2,869,724. Array Biopharma has a twelve month low of $10.21 and a twelve month high of $20.21. The firm has a market cap of $3.20 billion, a PE ratio of -22.83 and a beta of 1.11. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 0.42.

A number of institutional investors have recently modified their holdings of the business. IFG Advisory LLC boosted its position in Array Biopharma by 10.7% in the second quarter. IFG Advisory LLC now owns 42,193 shares of the biopharmaceutical company’s stock valued at $707,000 after buying an additional 4,076 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its position in Array Biopharma by 107.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,614 shares of the biopharmaceutical company’s stock valued at $140,000 after buying an additional 4,470 shares in the last quarter. Xact Kapitalforvaltning AB boosted its position in Array Biopharma by 17.5% in the second quarter. Xact Kapitalforvaltning AB now owns 30,278 shares of the biopharmaceutical company’s stock valued at $508,000 after buying an additional 4,500 shares in the last quarter. Amalgamated Bank boosted its position in Array Biopharma by 17.2% in the second quarter. Amalgamated Bank now owns 31,118 shares of the biopharmaceutical company’s stock valued at $522,000 after buying an additional 4,561 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its position in Array Biopharma by 41.7% in the third quarter. Oppenheimer Asset Management Inc. now owns 16,128 shares of the biopharmaceutical company’s stock valued at $245,000 after buying an additional 4,746 shares in the last quarter. Hedge funds and other institutional investors own 92.56% of the company’s stock.

In related news, CFO Jason Haddock sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $13.92, for a total transaction of $278,400.00. Following the sale, the chief financial officer now owns 35,393 shares in the company, valued at approximately $492,670.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victor Sandor sold 9,687 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $15.38, for a total transaction of $148,986.06. The disclosure for this sale can be found here. Insiders have sold a total of 47,687 shares of company stock worth $693,066 in the last quarter. 2.10% of the stock is currently owned by company insiders.

Array Biopharma Company Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

Recommended Story: What is Compound Annual Growth Rate (CAGR)?

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

Receive News & Ratings for Array Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply