Array BioPharma Inc. (ARRY) Receives “Buy” Rating from Stifel Nicolaus
Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating reiterated by investment analysts at Stifel Nicolaus in a report released on Monday, Marketbeat.com reports. They currently have a $15.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $13.00. Stifel Nicolaus’ price target indicates a potential upside of 42.45% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on the company. J P Morgan Chase & Co reaffirmed a “buy” rating and issued a $14.00 target price on shares of Array BioPharma in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $15.00 target price (up previously from $13.00) on shares of Array BioPharma in a report on Friday. Jefferies Group LLC set a $9.00 target price on Array BioPharma and gave the company a “buy” rating in a report on Friday, August 25th. BidaskClub raised Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Finally, Zacks Investment Research raised Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Array BioPharma presently has an average rating of “Buy” and an average price target of $12.65.
Array BioPharma (NASDAQ ARRY) traded down 7.60% during trading on Monday, reaching $9.73. The company’s stock had a trading volume of 9,130,092 shares. The company’s 50 day moving average price is $8.75 and its 200-day moving average price is $8.79. The stock’s market cap is $1.67 billion. Array BioPharma has a 1-year low of $3.42 and a 1-year high of $13.40.
Array BioPharma (NASDAQ:ARRY) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.04. The firm had revenue of $33.80 million for the quarter, compared to the consensus estimate of $28.64 million. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The company’s revenue was down 21.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) EPS. Equities analysts forecast that Array BioPharma will post ($0.99) earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the business. Knott David M acquired a new position in Array BioPharma during the 1st quarter worth about $107,000. Quantitative Systematic Strategies LLC lifted its holdings in Array BioPharma by 9.6% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock worth $106,000 after buying an additional 1,103 shares during the period. Teacher Retirement System of Texas lifted its holdings in Array BioPharma by 8.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after buying an additional 972 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Array BioPharma during the 2nd quarter worth about $110,000. Finally, Quantbot Technologies LP lifted its holdings in Array BioPharma by 10.9% during the 1st quarter. Quantbot Technologies LP now owns 14,523 shares of the biopharmaceutical company’s stock worth $129,000 after buying an additional 1,423 shares during the period. 97.60% of the stock is currently owned by hedge funds and other institutional investors.
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).
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