Array BioPharma Inc. (ARRY) PT Raised to $8.00
Array BioPharma Inc. (NASDAQ:ARRY) had its price target lifted by equities researchers at Jefferies Group from $7.00 to $8.00 in a report released on Tuesday. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Jefferies Group’s price objective suggests a potential upside of 27.49% from the company’s previous close.
A number of other equities research analysts have also recently commented on ARRY. SunTrust Banks Inc. initiated coverage on Array BioPharma in a research note on Thursday, June 2nd. They issued a “buy” rating and a $7.00 target price on the stock. Cantor Fitzgerald reissued a “buy” rating on shares of Array BioPharma in a research note on Wednesday, June 8th. Leerink Swann reissued a “buy” rating on shares of Array BioPharma in a research note on Monday, June 20th. Zacks Investment Research raised Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a report on Tuesday, July 5th. Finally, Stifel Nicolaus upped their price target on Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a report on Friday, August 5th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $8.38.
Array BioPharma (NASDAQ:ARRY) opened at 6.28 on Tuesday. The firm’s 50-day moving average price is $3.76 and its 200 day moving average price is $3.45. Array BioPharma has a 52 week low of $2.38 and a 52 week high of $7.27. The company’s market capitalization is $910.74 million.
Array BioPharma (NASDAQ:ARRY) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates 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 company earned $43.20 million during the quarter, compared to analysts’ expectations of $41.51 million. During the same period in the prior year, the company posted ($0.09) earnings per share. The company’s revenue was up 251.2% on a year-over-year basis. Equities research analysts expect that Array BioPharma will post ($0.73) earnings per share for the current fiscal year.
In other news, major shareholder Redmile Group, Llc bought 400,000 shares of the stock in a transaction on Thursday, September 15th. The shares were bought at an average price of $3.51 per share, with a total value of $1,404,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP bought a new position in Array BioPharma during the second quarter valued at approximately $114,000. BlackRock Inc. increased its position in Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 24,349 shares during the period. Highbridge Capital Management LLC bought a new position in Array BioPharma during the second quarter valued at approximately $125,000. Baxter Bros Inc. bought a new position in Array BioPharma during the second quarter valued at approximately $132,000. Finally, Virginia Retirement Systems ET AL bought a new position in Array BioPharma during the second quarter valued at approximately $181,000. 85.92% of the stock is currently owned by institutional investors.
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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