Array BioPharma (ARRY) Shares Down 5.4% on Insider Selling
Shares of Array BioPharma Inc. (NASDAQ:ARRY) fell 5.4% on Tuesday after an insider sold shares in the company. The stock traded as low as $12.82 and last traded at $12.97. 2,829,227 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 3,809,533 shares. The stock had previously closed at $13.71.
Specifically, CEO Ron Squarer sold 819,671 shares of the stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $10.86, for a total transaction of $8,901,627.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew R. Robbins sold 282,874 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $10.72, for a total transaction of $3,032,409.28. The disclosure for this sale can be found here. Insiders have sold a total of 1,110,045 shares of company stock valued at $12,037,011 in the last three months. 3.18% of the stock is currently owned by corporate insiders.
Several brokerages have weighed in on ARRY. Cantor Fitzgerald set a $15.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research report on Wednesday, January 3rd. Zacks Investment Research cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research report on Thursday, January 4th. BidaskClub raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Piper Jaffray Companies restated an “overweight” rating and issued a $18.00 price objective (up from $14.00) on shares of Array BioPharma in a report on Wednesday, September 20th. Finally, Jefferies Group upped their price objective on shares of Array BioPharma to $13.00 and gave the stock a “buy” rating in a report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $14.10.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.22). Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The business had revenue of $29.75 million during the quarter, compared to analyst estimates of $33.74 million. During the same period in the prior year, the business earned ($0.20) EPS. The company’s revenue for the quarter was down 24.2% on a year-over-year basis. analysts anticipate that Array BioPharma Inc. will post -0.99 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. increased its stake in shares of Array BioPharma by 274.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 9,008,999 shares of the biopharmaceutical company’s stock worth $110,811,000 after acquiring an additional 6,602,999 shares in the last quarter. Vanguard Group Inc. increased 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 acquiring an additional 2,629,475 shares in the last quarter. State Street Corp increased 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 acquiring an additional 1,279,750 shares in the last quarter. 683 Capital Management LLC bought a new position in shares of Array BioPharma in the 3rd quarter worth about $6,150,000. Finally, Quantitative Investment Management LLC bought a new position in shares of Array BioPharma in the 2nd quarter worth about $3,713,000. Institutional investors and hedge funds own 98.13% of the company’s stock.
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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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