Wall Street brokerages expect Array Biopharma Inc (NASDAQ:ARRY) to post sales of $51.50 million for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Array Biopharma’s earnings. The lowest sales estimate is $35.05 million and the highest is $68.20 million. Array Biopharma posted sales of $66.37 million in the same quarter last year, which would indicate a negative year over year growth rate of 22.4%. The firm is expected to announce its next quarterly earnings results on Wednesday, May 8th.

On average, analysts expect that Array Biopharma will report full-year sales of $243.74 million for the current year, with estimates ranging from $213.09 million to $268.60 million. For the next fiscal year, analysts forecast that the firm will report sales of $321.93 million, with estimates ranging from $228.82 million to $363.25 million. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for Array Biopharma.

Array Biopharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, February 5th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.11. The company had revenue of $82.55 million during the quarter, compared to the consensus estimate of $52.44 million. Array Biopharma had a negative return on equity of 44.37% and a negative net margin of 46.20%. Array Biopharma’s revenue was up 95.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share.

Several research firms have weighed in on ARRY. Zacks Investment Research raised Array Biopharma from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Wednesday, January 23rd. BidaskClub upgraded Array Biopharma from a “buy” rating to a “strong-buy” rating in a report on Friday, February 8th. Piper Jaffray Companies restated a “positive” rating and set a $28.00 price objective on shares of Array Biopharma in a report on Tuesday, January 15th. Cantor Fitzgerald set a $30.00 price objective on Array Biopharma and gave the stock a “buy” rating in a report on Tuesday, February 5th. Finally, JPMorgan Chase & Co. raised their price objective on Array Biopharma from $18.00 to $29.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $26.50.

In related news, COO Andrew R. Robbins sold 239,626 shares of Array Biopharma stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $20.03, for a total value of $4,799,708.78. Following the transaction, the chief operating officer now owns 212,120 shares in the company, valued at $4,248,763.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carrie Smith Cox bought 5,000 shares of Array Biopharma stock in a transaction that occurred on Tuesday, February 19th. The stock was purchased at an average price of $23.20 per share, for a total transaction of $116,000.00. Following the acquisition, the director now directly owns 8,000 shares of the company’s stock, valued at approximately $185,600. The disclosure for this purchase can be found here. Insiders have sold 957,040 shares of company stock worth $19,409,030 in the last 90 days. Insiders own 2.10% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. boosted its holdings in Array Biopharma by 635.8% in the fourth quarter. Meeder Asset Management Inc. now owns 2,097 shares of the biopharmaceutical company’s stock valued at $30,000 after acquiring an additional 1,812 shares during the last quarter. Exane Derivatives acquired a new position in Array Biopharma in the fourth quarter valued at $39,000. IFP Advisors Inc acquired a new position in Array Biopharma in the fourth quarter valued at $40,000. Bank of Montreal Can boosted its holdings in Array Biopharma by 47.3% in the fourth quarter. Bank of Montreal Can now owns 5,879 shares of the biopharmaceutical company’s stock valued at $83,000 after acquiring an additional 1,888 shares during the last quarter. Finally, Advisor Group Inc. boosted its holdings in Array Biopharma by 39.2% in the fourth quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,720 shares during the last quarter. Hedge funds and other institutional investors own 97.92% of the company’s stock.

Array Biopharma stock traded up $0.60 during mid-day trading on Thursday, hitting $23.74. 1,432,083 shares of the company were exchanged, compared to its average volume of 3,562,615. The company has a debt-to-equity ratio of 0.46, a quick ratio of 6.31 and a current ratio of 6.31. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of -32.52 and a beta of 1.48. Array Biopharma has a 12-month low of $12.56 and a 12-month high of $24.76.

About Array Biopharma

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.

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

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