A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of Array Biopharma from a hold rating to a strong-buy rating and set a $16.00 target price on the stock in a research note on Tuesday, January 1st. BidaskClub downgraded Array Biopharma from a sell rating to a strong sell rating in a research report on Thursday, October 11th. Cowen set a $22.00 target price on Array Biopharma and gave the stock a buy rating in a research report on Wednesday, October 31st. Stifel Nicolaus lifted their target price on Array Biopharma from $24.00 to $26.00 and gave the stock a buy rating in a research report on Wednesday, December 12th. Finally, Leerink Swann initiated coverage on Array Biopharma in a research report on Thursday, January 17th. They set an outperform rating and a $28.00 target price for the company. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Array Biopharma presently has an average rating of Buy and a consensus target price of $25.89.
Shares of NASDAQ:ARRY traded down $0.31 during midday trading on Tuesday, reaching $20.65. The company’s stock had a trading volume of 137,648 shares, compared to its average volume of 2,940,679. The company has a market capitalization of $4.40 billion, a PE ratio of -28.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.62 and a quick ratio of 5.62. Array Biopharma has a 12-month low of $12.56 and a 12-month high of $21.15.
Array Biopharma (NASDAQ:ARRY) last released its earnings results on Tuesday, February 5th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.11. The firm had revenue of $82.55 million for the quarter, compared to the consensus estimate of $52.44 million. Array Biopharma had a negative net margin of 66.77% and a negative return on equity of 74.02%. The company’s revenue was up 95.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) EPS. Equities analysts anticipate that Array Biopharma will post -0.6 EPS for the current fiscal year.
In other news, insider Victor Sandor sold 115,185 shares of the stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $16.21, for a total transaction of $1,867,148.85. Following the completion of the transaction, the insider now directly owns 337,483 shares in the company, valued at approximately $5,470,599.43. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Curtis Gale Oltmans sold 19,720 shares of the stock in a transaction on Tuesday, January 15th. The stock was sold at an average price of $18.06, for a total value of $356,143.20. Following the transaction, the general counsel now owns 23,641 shares of the company’s stock, valued at $426,956.46. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 376,159 shares of company stock valued at $6,601,722. 2.10% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARRY. California Public Employees Retirement System raised its position in shares of Array Biopharma by 12.6% during the 2nd quarter. California Public Employees Retirement System now owns 325,058 shares of the biopharmaceutical company’s stock worth $5,454,000 after acquiring an additional 36,458 shares in the last quarter. FMR LLC boosted its position in shares of Array Biopharma by 3.3% in the second quarter. FMR LLC now owns 24,390,396 shares of the biopharmaceutical company’s stock worth $409,271,000 after buying an additional 787,460 shares during the period. Northern Trust Corp boosted its position in shares of Array Biopharma by 4.4% in the second quarter. Northern Trust Corp now owns 2,524,664 shares of the biopharmaceutical company’s stock worth $42,364,000 after buying an additional 105,314 shares during the period. Essex Investment Management Co. LLC purchased a new stake in shares of Array Biopharma in the third quarter worth about $164,000. Finally, Financial & Investment Management Group Ltd. boosted its position in shares of Array Biopharma by 50.7% in the third quarter. Financial & Investment Management Group Ltd. now owns 334,604 shares of the biopharmaceutical company’s stock worth $5,086,000 after buying an additional 112,551 shares during the period. Institutional investors and hedge funds own 94.99% of the company’s stock.
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.
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