Gilder Gagnon Howe & Co. LLC Acquires Shares of 1,221,310 Array Biopharma Inc (NASDAQ:ARRY)

Gilder Gagnon Howe & Co. LLC acquired a new stake in Array Biopharma Inc (NASDAQ:ARRY) in the first quarter, Holdings Channel reports. The institutional investor acquired 1,221,310 shares of the biopharmaceutical company’s stock, valued at approximately $29,776,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Advisory Services Network LLC acquired a new position in Array Biopharma in the 1st quarter valued at about $84,000. Marshall Wace North America L.P. boosted its holdings in Array Biopharma by 19,428.9% in the 1st quarter. Marshall Wace North America L.P. now owns 2,554,381 shares of the biopharmaceutical company’s stock valued at $62,275,000 after purchasing an additional 2,541,301 shares during the last quarter. ClariVest Asset Management LLC boosted its holdings in Array Biopharma by 31.6% in the 1st quarter. ClariVest Asset Management LLC now owns 298,838 shares of the biopharmaceutical company’s stock valued at $7,286,000 after purchasing an additional 71,760 shares during the last quarter. WCM Investment Management LLC acquired a new position in Array Biopharma in the 1st quarter valued at about $759,000. Finally, AlphaCrest Capital Management LLC acquired a new position in Array Biopharma in the 1st quarter valued at about $524,000.

In related news, insider Victor Sandor sold 12,600 shares of the company’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $26.50, for a total transaction of $333,900.00. Following the sale, the insider now directly owns 250,292 shares of the company’s stock, valued at approximately $6,632,738. The sale was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 180,011 shares of company stock worth $4,862,502. 2.10% of the stock is owned by insiders.

ARRY has been the topic of several recent analyst reports. Piper Jaffray Companies boosted their target price on shares of Array Biopharma from $28.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, May 21st. BidaskClub downgraded shares of Array Biopharma from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 16th. SunTrust Banks boosted their price target on shares of Array Biopharma to $32.00 and gave the company a “buy” rating in a research note on Wednesday, May 22nd. Cowen set a $25.00 price target on shares of Array Biopharma and gave the company a “buy” rating in a research note on Sunday, May 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Array Biopharma from $18.00 to $29.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. Two research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $28.70.

Array Biopharma stock opened at $29.59 on Monday. The company has a market capitalization of $6.56 billion, a PE ratio of -40.53 and a beta of 1.15. Array Biopharma Inc has a 1 year low of $12.56 and a 1 year high of $29.81. The company has a current ratio of 5.70, a quick ratio of 5.65 and a debt-to-equity ratio of 0.45.

Array Biopharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The business had revenue of $64.68 million for the quarter, compared to the consensus estimate of $54.04 million. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The business’s revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.11) EPS. On average, research analysts forecast that Array Biopharma Inc will post -0.51 EPS for the current year.

TRADEMARK VIOLATION WARNING: This article was first reported by Enterprise Leader and is the property of of Enterprise Leader. If you are viewing this article on another site, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The correct version of this article can be viewed at https://theenterpriseleader.com/2019/06/17/gilder-gagnon-howe-co-llc-acquires-shares-of-1221310-array-biopharma-inc-nasdaqarry.html.

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 are catch-up contributions?

Want to see what other hedge funds are holding ARRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Array Biopharma Inc (NASDAQ:ARRY).

Institutional Ownership by Quarter 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.