Array BioPharma Inc. (ARRY) Stock Rating Reaffirmed by Jefferies Group
Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating reiterated by equities research analysts at Jefferies Group in a report issued on Friday. They currently have a $8.00 price target on the biopharmaceutical company’s stock. Jefferies Group’s price objective indicates a potential upside of 15.77% from the stock’s current price.
A number of other analysts have also recently commented on the company. Cowen and Company assumed coverage on Array BioPharma in a research report on Friday, November 4th. They set an “outperform” rating and a $10.00 price target for the company. Zacks Investment Research raised Array BioPharma from a “sell” rating to a “hold” rating in a report on Thursday, November 3rd. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $8.00 price objective (up previously from $6.00) on shares of Array BioPharma in a report on Tuesday, September 27th. Cantor Fitzgerald reissued a “buy” rating and issued a $13.00 price objective on shares of Array BioPharma in a report on Monday, September 26th. Finally, Leerink Swann boosted their price objective on Array BioPharma from $6.00 to $9.00 and gave the company an “outperform” rating in a report on Monday, September 26th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $8.56.
Array BioPharma (NASDAQ:ARRY) opened at 6.91 on Friday. The company’s 50-day moving average price is $6.38 and its 200-day moving average price is $4.25. The company’s market capitalization is $1.16 billion. Array BioPharma has a 52 week low of $2.38 and a 52 week high of $7.27.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, November 1st. The biopharmaceutical company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by $0.04. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 62.42%. The firm had revenue of $39.30 million for the quarter, compared to analyst estimates of $32.47 million. During the same period in the prior year, the firm posted ($0.15) EPS. The business’s revenue was up 142.4% compared to the same quarter last year. Equities analysts forecast that Array BioPharma will post ($0.77) earnings per share for the current fiscal year.
In other news, major shareholder Redmile Group, Llc acquired 400,000 shares of the business’s stock in a transaction on Thursday, September 15th. The stock was bought at an average cost of $3.51 per share, for a total transaction of $1,404,000.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 2.60% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of ARRY. Vanguard Group Inc. raised its stake in Array BioPharma by 3.6% in the second quarter. Vanguard Group Inc. now owns 8,677,752 shares of the biopharmaceutical company’s stock valued at $30,893,000 after buying an additional 299,761 shares during the period. BlackRock Fund Advisors raised its stake in Array BioPharma by 7.2% in the third quarter. BlackRock Fund Advisors now owns 5,623,151 shares of the biopharmaceutical company’s stock valued at $37,956,000 after buying an additional 375,851 shares during the period. Sarissa Capital Management LP raised its stake in Array BioPharma by 49.6% in the second quarter. Sarissa Capital Management LP now owns 4,300,000 shares of the biopharmaceutical company’s stock valued at $15,308,000 after buying an additional 1,425,000 shares during the period. Artal Group S.A. raised its stake in Array BioPharma by 4.3% in the second quarter. Artal Group S.A. now owns 3,870,000 shares of the biopharmaceutical company’s stock valued at $13,777,000 after buying an additional 160,000 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Array BioPharma by 7.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,730,517 shares of the biopharmaceutical company’s stock valued at $25,181,000 after buying an additional 257,664 shares during the period. Institutional investors own 74.67% 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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