Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a research note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $15.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $13.00. Cantor Fitzgerald’s price objective points to a potential upside of 42.45% from the company’s current price.

The analysts wrote, “ARRY’s e-poster presentation of the safety lead in for the Phase III BEACON CRC study suggests that binimetinib/encorafenib could expand its market potential to colorectal cancer, which the shares do not currently reflect, in our view.””

A number of other research firms have also weighed in on ARRY. BidaskClub raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Jefferies Group LLC set a $9.00 price target on shares of Array BioPharma and gave the stock a “buy” rating in a report on Friday, August 25th. Piper Jaffray Companies reissued a “buy” rating and issued a $14.00 price target on shares of Array BioPharma in a report on Thursday, August 10th. Stifel Nicolaus reissued a “buy” rating and issued a $13.00 price target on shares of Array BioPharma in a report on Thursday, August 10th. Finally, Zacks Investment Research raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $12.65.

Shares of Array BioPharma (NASDAQ ARRY) traded down 4.10% during mid-day trading on Friday, reaching $10.53. 17,188,113 shares of the company’s stock were exchanged. The firm’s market cap is $1.81 billion. The company has a 50 day moving average price of $8.75 and a 200 day moving average price of $8.81. Array BioPharma has a 52-week low of $3.40 and a 52-week high of $13.40.

Array BioPharma (NASDAQ:ARRY) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. The business had revenue of $33.80 million for the quarter, compared to analyst estimates of $28.64 million. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. Array BioPharma’s revenue was down 21.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) EPS. Analysts forecast that Array BioPharma will post ($0.98) earnings per share for the current fiscal year.

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Institutional investors have recently made changes to their positions in the company. Quantitative Systematic Strategies LLC boosted its stake in shares of Array BioPharma by 9.6% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after purchasing an additional 1,103 shares in the last quarter. Knott David M purchased a new stake in shares of Array BioPharma in the 1st quarter valued at $107,000. Teacher Retirement System of Texas boosted its stake in shares of Array BioPharma by 8.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after purchasing an additional 972 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Array BioPharma in the 2nd quarter valued at $110,000. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Array BioPharma by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 1,012 shares in the last quarter. 97.60% of the stock is owned by institutional investors.

Array BioPharma Company Profile

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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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