Array BioPharma Inc. (ARRY) Given Overweight Rating at JPMorgan Chase & Co.
Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “overweight” rating reissued by analysts at JPMorgan Chase & Co. in a research note issued to investors on Tuesday. They currently have a $8.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $6.00. JPMorgan Chase & Co.’s target price would suggest a potential upside of 21.40% from the stock’s current price.
ARRY has been the topic of a number of other research reports. Stifel Nicolaus boosted their price objective on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Zacks Investment Research raised Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 target price on the stock in a research report on Tuesday, July 5th. Jefferies Group boosted their target price on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Tuesday. Leerink Swann boosted their target price on Array BioPharma from $6.00 to $9.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Piper Jaffray Cos. set a $7.00 target price on Array BioPharma and gave the stock a “buy” rating in a research report on Tuesday, August 9th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $8.38.
Shares of Array BioPharma (NASDAQ:ARRY) traded up 2.88% on Tuesday, hitting $6.78. The stock had a trading volume of 9,088,128 shares. The company’s 50-day moving average price is $3.68 and its 200 day moving average price is $3.43. The firm’s market cap is $983.25 million. Array BioPharma has a 12-month low of $2.38 and a 12-month high of $7.27.
Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.14) by $0.02. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The firm earned $43.20 million during the quarter, compared to the consensus estimate of $41.51 million. During the same period in the prior year, the firm posted ($0.09) EPS. The firm’s quarterly revenue was up 251.2% on a year-over-year basis. On average, equities research analysts forecast that Array BioPharma will post ($0.73) earnings per share for the current fiscal year.
In other Array BioPharma news, major shareholder Redmile Group, Llc purchased 400,000 shares of the company’s stock in a transaction that occurred on Thursday, September 15th. The shares were purchased at an average cost of $3.51 per share, with a total value of $1,404,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Macquarie Group Ltd. purchased a new position in shares of Array BioPharma during the second quarter worth approximately $1,175,000. Nomura Holdings Inc. purchased a new position in shares of Array BioPharma during the second quarter worth approximately $183,000. Schwab Charles Investment Management Inc. increased its position in shares of Array BioPharma by 1.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 515,317 shares of the biopharmaceutical company’s stock worth $1,835,000 after buying an additional 8,448 shares during the period. First Light Asset Management LLC increased its position in shares of Array BioPharma by 5.4% in the second quarter. First Light Asset Management LLC now owns 554,841 shares of the biopharmaceutical company’s stock worth $1,975,000 after buying an additional 28,571 shares during the period. Finally, Highbridge Capital Management LLC purchased a new position in shares of Array BioPharma during the second quarter worth approximately $125,000. Hedge funds and other institutional investors own 85.92% of the company’s stock.
Array BioPharma Company Profile
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).
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