Shares of Array Biopharma Inc (NASDAQ:ARRY) have been assigned an average rating of “Buy” from the ten research firms that are covering the stock. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $11.21.

Several brokerages have weighed in on ARRY. Vetr downgraded Array Biopharma from a “strong-buy” rating to a “buy” rating and set a $10.50 price target on the stock. in a report on Wednesday, March 22nd. JPMorgan Chase & Co. downgraded Array Biopharma from an “overweight” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Friday, February 3rd. They noted that the move was a valuation call. Zacks Investment Research downgraded Array Biopharma from a “buy” rating to a “hold” rating in a report on Tuesday, January 31st. Cowen and Company restated an “outperform” rating and set a $15.00 price target (up previously from $10.00) on shares of Array Biopharma in a report on Friday, February 10th. Finally, Stifel Nicolaus upped their price target on Array Biopharma from $8.00 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 3rd.

Shares of Array Biopharma (NASDAQ:ARRY) traded down 1.33% during midday trading on Monday, hitting $8.16. 1,539,012 shares of the stock were exchanged. The firm’s 50-day moving average is $8.17 and its 200 day moving average is $9.27. The firm’s market cap is $1.39 billion. Array Biopharma has a 52-week low of $3.10 and a 52-week high of $13.40.

Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.05. The business had revenue of $33.28 million during the quarter, compared to the consensus estimate of $38.28 million. During the same quarter last year, the business posted ($0.16) EPS. Array Biopharma’s revenue for the quarter was down 22.7% compared to the same quarter last year. On average, analysts forecast that Array Biopharma will post ($0.76) earnings per share for the current year.

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In other news, Director Charles M. Baum sold 25,000 shares of the stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $9.27, for a total value of $231,750.00. Following the transaction, the director now owns 30,000 shares in the company, valued at approximately $278,100. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARRY. Sphera Funds Management LTD. acquired a new position in Array Biopharma during the third quarter worth approximately $6,075,000. Parametrica Management Ltd acquired a new position in Array Biopharma during the first quarter worth approximately $275,000. UBS Asset Management Americas Inc. increased its position in Array Biopharma by 937.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 853,469 shares of the biopharmaceutical company’s stock worth $7,502,000 after buying an additional 771,189 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Array Biopharma during the first quarter worth approximately $1,242,000. Finally, Canada Pension Plan Investment Board acquired a new position in Array Biopharma during the first quarter worth approximately $8,497,000. Institutional investors and hedge funds own 88.58% of the company’s stock.

About Array Biopharma

Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).

12 Month Chart for NASDAQ:ARRY

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