Array BioPharma Inc. (ARRY) Trading Down 3.8%
Array BioPharma Inc. (NASDAQ:ARRY) fell 3.8% on Wednesday . The stock traded as low as $3.49 and last traded at $3.50, with a volume of 1,375,855 shares. The stock had previously closed at $3.64.
Several brokerages have weighed in on ARRY. Stifel Nicolaus raised their price target on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Piper Jaffray Cos. set a $7.00 target price on Array BioPharma and gave the stock a “buy” rating in a report on Tuesday, August 9th. Zacks Investment Research downgraded Array BioPharma from a “buy” rating to a “hold” rating in a report on Monday, August 8th. SunTrust Banks Inc. initiated coverage on Array BioPharma in a report on Thursday, June 2nd. They set a “buy” rating and a $7.00 target price for the company. Finally, Cantor Fitzgerald reaffirmed a “buy” rating on shares of Array BioPharma in a report on Wednesday, June 8th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $7.43.
The company’s market capitalization is $520.63 million. The stock’s 50-day moving average price is $3.60 and its 200 day moving average price is $3.36.
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Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The company had revenue of $43.20 million for the quarter, compared to analysts’ expectations of $41.51 million. During the same quarter last year, the company earned ($0.09) EPS. Array BioPharma’s revenue for the quarter was up 251.2% compared to the same quarter last year. On average, analysts predict that Array BioPharma Inc. will post ($0.68) EPS for the current fiscal year.
In related news, major shareholder Redmile Group, Llc purchased 400,000 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were bought at an average price of $3.51 per share, for a total transaction of $1,404,000.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Array BioPharma by 3.6% in the second quarter. Vanguard Group Inc. now owns 8,677,752 shares of the biopharmaceutical company’s stock worth $30,893,000 after buying an additional 299,761 shares during the last quarter. BlackRock Fund Advisors increased its position in Array BioPharma by 0.9% in the second quarter. BlackRock Fund Advisors now owns 5,247,300 shares of the biopharmaceutical company’s stock worth $18,680,000 after buying an additional 47,621 shares during the last quarter. Sarissa Capital Management LP increased its position in Array BioPharma by 49.6% in the second quarter. Sarissa Capital Management LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $15,308,000 after buying an additional 1,425,000 shares during the last quarter. Artal Group S.A. increased its position in Array BioPharma by 4.3% in the second quarter. Artal Group S.A. now owns 3,870,000 shares of the biopharmaceutical company’s stock worth $13,777,000 after buying an additional 160,000 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in Array BioPharma by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,472,853 shares of the biopharmaceutical company’s stock worth $12,363,000 after buying an additional 31,629 shares during the last quarter. Institutional investors and hedge funds own 85.92% of the company’s stock.
About Array BioPharma
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).
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