Array Biopharma Inc (ARRY) Given Average Recommendation of “Buy” by Brokerages
Array Biopharma Inc (NASDAQ:ARRY) has received an average rating of “Buy” from the ten research firms that are currently covering the firm. Two analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $11.21.
ARRY has been the topic of several analyst reports. Vetr upgraded Array Biopharma from a “strong sell” rating to a “sell” rating and set a $9.99 target price on the stock in a research note on Monday, March 13th. Cowen and Company cut their target price on Array Biopharma to $14.00 and set an “outperform” rating on the stock in a research note on Monday, March 20th. Stifel Nicolaus lifted their target price on Array Biopharma from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Cantor Fitzgerald set a $13.00 price target on Array Biopharma and gave the stock a “buy” rating in a research note on Thursday, February 9th. Finally, Zacks Investment Research lowered Array Biopharma from a “buy” rating to a “hold” rating in a research note on Tuesday, January 31st.
In related news, Director Charles M. Baum sold 25,000 shares of Array Biopharma stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $9.27, for a total transaction of $231,750.00. Following the completion of the sale, the director now owns 30,000 shares of the company’s stock, valued at $278,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.60% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in Array Biopharma by 149.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,240 shares of the biopharmaceutical company’s stock worth $9,711,000 after buying an additional 651,057 shares during the period. Bank of Nova Scotia purchased a new stake in Array Biopharma during the first quarter worth approximately $4,470,000. Caxton Associates LP purchased a new stake in Array Biopharma during the first quarter worth approximately $142,000. AQR Capital Management LLC increased its stake in Array Biopharma by 142.5% in the first quarter. AQR Capital Management LLC now owns 317,690 shares of the biopharmaceutical company’s stock worth $2,840,000 after buying an additional 186,678 shares during the period. Finally, Perceptive Advisors LLC purchased a new stake in Array Biopharma during the first quarter worth approximately $228,000. 88.58% of the stock is owned by hedge funds and other institutional investors.
Shares of Array Biopharma (NASDAQ:ARRY) opened at 8.24 on Monday. The company’s 50-day moving average is $8.23 and its 200 day moving average is $9.18. Array Biopharma has a 12 month low of $2.97 and a 12 month high of $13.40. The stock’s market capitalization is $1.41 billion.
Array Biopharma (NASDAQ:ARRY) last posted its earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.05. The business had revenue of $33.28 million during the quarter, compared to the consensus estimate of $38.28 million. During the same quarter in the previous year, the business earned ($0.16) EPS. Array Biopharma’s revenue was down 22.7% compared to the same quarter last year. Equities research analysts predict that Array Biopharma will post ($0.76) earnings per share for the current year.
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Array Biopharma Company Profile
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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