Array BioPharma Inc. (ARRY) Receives Average Recommendation of “Buy” from Brokerages
Shares of Array BioPharma Inc. (NASDAQ:ARRY) have been assigned a consensus recommendation of “Buy” from the eight analysts that are presently covering the firm. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $9.00.
A number of equities research analysts recently issued reports on ARRY shares. Leerink Swann reaffirmed a “buy” rating on shares of Array BioPharma in a research note on Monday, June 20th. Zacks Investment Research raised shares of Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research note on Tuesday, July 5th. Stifel Nicolaus upped their price target on shares of Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Piper Jaffray Cos. set a $7.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, August 9th. Finally, Jefferies Group upped their price target on shares of Array BioPharma from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, August 29th.
Shares of Array BioPharma (NASDAQ:ARRY) traded down 2.248% during midday trading on Tuesday, hitting $6.305. 3,832,972 shares of the stock were exchanged. The stock’s market cap is $914.36 million. Array BioPharma has a 12 month low of $2.38 and a 12 month high of $7.27. The firm has a 50 day moving average of $4.96 and a 200-day moving average of $3.81.
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Array BioPharma (NASDAQ:ARRY) last released its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing the 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 earned $43.20 million during the quarter, compared to analysts’ expectations of $41.51 million. During the same period last year, the firm posted ($0.09) EPS. Array BioPharma’s quarterly revenue was up 251.2% compared to the same quarter last year. Equities research analysts anticipate that Array BioPharma will post ($0.72) EPS for the current year.
In other news, major shareholder Redmile Group, Llc bought 400,000 shares of Array BioPharma stock in a transaction dated Thursday, September 15th. The shares were acquired at an average price of $3.51 per share, with a total value of $1,404,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.
Several large investors have recently made changes to their positions in ARRY. Dimensional Fund Advisors LP purchased a new stake in shares of Array BioPharma during the second quarter valued at $114,000. BlackRock Inc. boosted its position in Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock worth $120,000 after buying an additional 24,349 shares during the last quarter. Highbridge Capital Management LLC bought a new position in Array BioPharma during the second quarter worth approximately $125,000. Baxter Bros Inc. bought a new position in Array BioPharma during the second quarter worth approximately $132,000. Finally, Virginia Retirement Systems ET AL bought a new position in Array BioPharma during the second quarter worth approximately $181,000. 76.88% of the stock is currently owned by institutional investors and hedge funds.
Array BioPharma Company Profile
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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