Array BioPharma Inc. (ARRY) Major Shareholder Redmile Group, Llc Sells 2,492,578 Shares
Array BioPharma Inc. (NASDAQ:ARRY) major shareholder Redmile Group, Llc sold 2,492,578 shares of Array BioPharma stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $6.36, for a total transaction of $15,852,796.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Redmile Group, Llc also recently made the following trade(s):
- On Thursday, September 15th, Redmile Group, Llc acquired 400,000 shares of Array BioPharma stock. The stock was acquired at an average cost of $3.51 per share, for a total transaction of $1,404,000.00.
Array BioPharma Inc. (NASDAQ:ARRY) opened at 6.75 on Friday. The company’s 50-day moving average is $3.93 and its 200-day moving average is $3.50. The stock’s market capitalization is $978.90 million. Array BioPharma Inc. has a 12 month low of $2.38 and a 12 month high of $7.27.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results 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 company earned $43.20 million during the quarter, compared to the consensus estimate of $41.51 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The firm’s revenue for the quarter was up 251.2% on a year-over-year basis. Equities analysts anticipate that Array BioPharma Inc. will post ($0.72) earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Array BioPharma by 3.6% in the second quarter. Vanguard Group Inc. now owns 8,677,752 shares of the biopharmaceutical company’s stock worth $30,893,000 after buying an additional 299,761 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Array BioPharma during the second quarter worth about $114,000. Alambic Investment Management L.P. boosted its position in Array BioPharma by 167.0% in the second quarter. Alambic Investment Management L.P. now owns 145,788 shares of the biopharmaceutical company’s stock worth $519,000 after buying an additional 91,188 shares in the last quarter. California State Teachers Retirement System boosted its position in Array BioPharma by 1.4% in the second quarter. California State Teachers Retirement System now owns 302,901 shares of the biopharmaceutical company’s stock worth $1,078,000 after buying an additional 4,134 shares in the last quarter. Finally, Chicago Equity Partners LLC boosted its position in Array BioPharma by 5,345.4% in the second quarter. Chicago Equity Partners LLC now owns 554,890 shares of the biopharmaceutical company’s stock worth $1,975,000 after buying an additional 544,700 shares in the last quarter. Institutional investors own 85.92% of the company’s stock.
ARRY has been the topic of several recent research reports. Jefferies Group lifted their price objective on shares of Array BioPharma from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, August 29th. Leerink Swann reaffirmed a “positive” rating and issued a $6.00 price objective on shares of Array BioPharma in a research note on Tuesday, August 30th. Zacks Investment Research raised shares of Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Tuesday, July 5th. Cantor Fitzgerald reissued a “buy” rating and issued a $13.00 target price on shares of Array BioPharma in a research report on Monday, September 26th. Finally, Piper Jaffray Cos. lifted their target price on shares of Array BioPharma from $7.00 to $10.00 and gave the stock an “overweight” rating in a research report on Monday, September 26th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Array BioPharma presently has an average rating of “Buy” and a consensus price target of $8.38.
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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