Array BioPharma Inc. (ARRY) Lowered to “Sell” at Zacks Investment Research
Array BioPharma Inc. (NASDAQ:ARRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “
Other equities analysts also recently issued reports about the company. Piper Jaffray Cos. set a $7.00 target price on Array BioPharma and gave the company a “buy” rating in a research report on Tuesday, August 9th. Leerink Swann raised their price objective on Array BioPharma from $6.00 to $9.00 and gave the stock an “outperform” rating in a research report on Monday, September 26th. Stifel Nicolaus raised their price objective on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. restated an “overweight” rating and set a $8.00 price objective (up from $6.00) on shares of Array BioPharma in a research report on Tuesday, September 27th. Finally, Cantor Fitzgerald restated a “buy” rating on shares of Array BioPharma in a research report on Wednesday, June 8th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $8.38.
Array BioPharma (NASDAQ:ARRY) traded down 2.62% during midday trading on Tuesday, reaching $6.68. The company’s stock had a trading volume of 7,158,000 shares. The firm’s market cap is $968.75 million. The firm has a 50 day moving average of $4.11 and a 200 day moving average of $3.57. Array BioPharma has a 52-week low of $2.38 and a 52-week high of $7.27.
Array BioPharma (NASDAQ:ARRY) last posted its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.14) by $0.02. The firm earned $43.20 million during the quarter, compared to the consensus estimate of $41.51 million. Array BioPharma had a negative net margin of 67.33% and a negative return on equity of 568.67%. Array BioPharma’s revenue for the quarter was up 251.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. Analysts anticipate that Array BioPharma will post ($0.72) earnings per share for the current fiscal year.
In related news, major shareholder Redmile Group, Llc sold 2,492,578 shares of the firm’s 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.60% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Spark Investment Management LLC boosted its stake in Array BioPharma by 2,415.5% in the first quarter. Spark Investment Management LLC now owns 550,900 shares of the biopharmaceutical company’s stock valued at $1,625,000 after buying an additional 529,000 shares in the last quarter. Metropolitan Life Insurance Co. NY boosted its stake in shares of Array BioPharma by 1.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 98,187 shares of the biopharmaceutical company’s stock worth $290,000 after buying an additional 927 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in shares of Array BioPharma by 28.8% in the second quarter. Candriam Luxembourg S.C.A. now owns 849,000 shares of the biopharmaceutical company’s stock worth $3,023,000 after buying an additional 190,000 shares during the period. Teachers Advisors Inc. boosted its stake in shares of Array BioPharma by 53.0% in the first quarter. Teachers Advisors Inc. now owns 1,914,146 shares of the biopharmaceutical company’s stock worth $5,647,000 after buying an additional 663,458 shares during the period. Finally, Nomura Holdings Inc. purchased a new stake in shares of Array BioPharma during the second quarter worth approximately $183,000. 85.92% of the stock is owned by institutional investors and hedge funds.
About Array BioPharma
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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