Array BioPharma Inc. (ARRY) Receives Average Recommendation of “Buy” from Brokerages
Shares of Array BioPharma Inc. (NASDAQ:ARRY) have been assigned an average recommendation of “Buy” from the eight research firms that are presently covering the stock. One equities research analyst has rated the stock with a sell recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $9.00.
Several analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Piper Jaffray Cos. set a $7.00 price objective on shares of Array BioPharma and gave the company a “buy” rating in a research report on Tuesday, August 9th. Stifel Nicolaus raised their price objective on shares of Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Leerink Swann restated a “buy” rating on shares of Array BioPharma in a research report on Monday, June 20th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $8.00 price objective (up previously from $6.00) on shares of Array BioPharma in a research report on Tuesday, September 27th.
Shares of Array BioPharma (NASDAQ:ARRY) traded down 2.248% during mid-day trading on Tuesday, hitting $6.305. 3,832,972 shares of the company traded hands. The stock’s market capitalization is $914.36 million. Array BioPharma has a 1-year low of $2.38 and a 1-year high of $7.27. The firm’s 50 day moving average price is $4.96 and its 200-day moving average price is $3.81.
Array BioPharma (NASDAQ:ARRY) last posted its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 analysts’ expectations of $41.51 million. During the same quarter in the prior year, the company earned ($0.09) earnings per share. The business’s revenue for the quarter was up 251.2% compared to the same quarter last year. On average, equities research analysts forecast that Array BioPharma will post ($0.72) EPS for the current year.
In related news, major shareholder Redmile Group, Llc sold 2,492,578 shares of the stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $6.36, for a total transaction of $15,852,796.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.60% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC raised its position in Array BioPharma by 0.9% in the second quarter. ProShare Advisors LLC now owns 124,443 shares of the biopharmaceutical company’s stock valued at $443,000 after buying an additional 1,080 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of 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 during the period. Schwab Charles Investment Management Inc. raised its stake 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. Parametric Portfolio Associates LLC raised its stake in shares of Array BioPharma by 16.3% in the second quarter. Parametric Portfolio Associates LLC now owns 79,142 shares of the biopharmaceutical company’s stock worth $282,000 after buying an additional 11,083 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Array BioPharma by 11.3% in the second quarter. Rhumbline Advisers now owns 180,610 shares of the biopharmaceutical company’s stock worth $643,000 after buying an additional 18,403 shares during the period. 76.88% of the stock is currently owned by institutional investors.
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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