Today is a big day for earnings and Array Biopharma Inc (NASDAQ: ARRY) is one of the stocks that have impressed. With results that were well ahead of analyst expectations, investors are excitedly sending the stock on a run for the top. Today, we’ll talk about:
- The earnings report;
- what we’re seeing from ARRY stock as a result; and
- what we’ll be watching for ahead.
ARRY Reports Earnings
As mentioned above, Array Biopharma reported its earnings for the first fiscal quarter this morning, beating expectations on all accounts. Here’s what we saw from the report:
- Loss – In terms of losses, the company lost a total of $24.8 million during the first fiscal quarter. That comes to a loss of $0.12 per share. Analysts expected that the company would generate a loss of $0.21 per share, nearly double what was reported.
- Revenue – Revenue also proved to be a big hit for ARRY. During the quarter, analysts expected that the company would generate revenue in the amount of $35.7 million. However, the company’s revenue actually came in at $56.9 million, once again beating analyst expectations by a wide margin.
In a statement, Ron Squarer, CEO at ARRY, had the following to offer:
We have received positive feedback from the melanoma community and our team continues to execute a robust U.S. launch of BRAFTOVI + MEKTOVI for patients with BRAF-mutant melanoma. We were also delighted BRAFTOVI + MEKTOVI received European Commission approval in September… Our BEACON CRC Phase 3 trial continues to advance and is supported by Breakthrough Therapy Designation. We look forward to the interim analysis of the BEACON CRC trial in the first half of 2019.
What We’re Seeing From The Stock
Earnings season is my favorite season of the year, and it happens four times per year! Ultimately, earnings reports provide us with the most updated financial information and have the potential to send stocks on a run. That’s exactly what we’re seeing from Array Biopharma this morning. As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:59), ARRY is trading at $15.00 per share after a gain of $0.57 per share or 3.95% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on ARRY. In particular, we’re interested in following the company’s analysis from the BEACON CRC clinical trial, which will come in the first half of 2019 as well as European sales of BRAFTOVI + MEKTOVI as the treatment as been approved in Europe. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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