Analysts’ views on Array Biopharma
Array BioPharma (ARRY) announced its fourth-quarter and full fiscal 2018 results on August 14. That day, ARRY stock registered a decline of ~2.6% and fell further the following day. The decline in stock prices was triggered by the negative investor sentiments due to the Array BioPharma’s fourth-quarter results falling short of estimates. In this article, we’ll look at analysts’ latest recommendations and target prices on ARRY stock over the next 12 months.
As per a Reuters survey on August 16, of the seven analysts covering Array BioPharma, three have a “strong buy” recommendation on ARRY stock, while the remaining four analysts gave “buy” recommendations for the stock. None of the analysts provided a “hold” or “sell” recommendation, which signals a strong bullish sentiment for ARRY stock despite its lower-than-expected results.
As of August 15, analysts’ target price for ARRY is $23.57, which implies a ~71.7% return over the next 12 months based on the stock’s August 14 price of $13.73. Peers Halozyme Therapeutics (HALO), Aerie Pharmaceuticals (AERI), and Intercept Pharmaceuticals (ICPT) have average target prices of $20.38, $83.80, and $123.07, respectively, which imply 19%, 30.3%, and 19.2% returns over the next 12 months.
In the next article, we’ll discuss Array Biopharma’s sales performance in the fourth quarter and full fiscal 2018.
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