Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating reaffirmed by investment analysts at Cantor Fitzgerald in a report issued on Tuesday. They currently have a $15.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price target indicates a potential upside of 32.86% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Piper Jaffray Companies reiterated a “buy” rating and set a $14.00 price target on shares of Array BioPharma in a research note on Thursday, August 10th. BidaskClub upgraded Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 22nd. Zacks Investment Research upgraded Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Cowen and Company reiterated an “outperform” rating and set a $15.00 price target (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. Finally, Jefferies Group LLC set a $9.00 price target on Array BioPharma and gave the company a “buy” rating in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $13.10.

Array BioPharma (NASDAQ:ARRY) opened at 12.16 on Tuesday. The company’s 50-day moving average price is $9.34 and its 200 day moving average price is $8.78. The firm’s market capitalization is $2.08 billion. Array BioPharma has a 12 month low of $3.63 and a 12 month high of $13.40.

Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The business had revenue of $33.80 million during 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 quarterly revenue was down 21.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.17) EPS. On average, equities research analysts predict that Array BioPharma will post ($0.99) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Array BioPharma by 15.5% in the 2nd quarter. Vanguard Group Inc. now owns 19,622,890 shares of the biopharmaceutical company’s stock worth $164,243,000 after buying an additional 2,629,475 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Array BioPharma by 1.0% in the 2nd quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock worth $108,765,000 after buying an additional 125,563 shares during the last quarter. State Street Corp boosted its stake in shares of Array BioPharma by 15.5% in the 2nd quarter. State Street Corp now owns 9,544,525 shares of the biopharmaceutical company’s stock worth $79,890,000 after buying an additional 1,279,750 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Array BioPharma by 48.4% in the 2nd quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock worth $74,920,000 after buying an additional 2,918,156 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Array BioPharma by 8.5% in the 2nd quarter. Northern Trust Corp now owns 2,130,493 shares of the biopharmaceutical company’s stock worth $17,832,000 after buying an additional 166,031 shares during the last quarter. Hedge funds and other institutional investors own 87.04% 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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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