Array BioPharma Inc. (NASDAQ:ARRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “

A number of other analysts also recently issued reports on ARRY. Vetr raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating and set a $9.99 target price for the company in a research report on Monday, March 13th. Cowen and Company dropped their target price on shares of Array BioPharma to $14.00 and set an “outperform” rating for the company in a research report on Monday, March 20th. J P Morgan Chase & Co set a $9.00 target price on shares of Array BioPharma and gave the stock a “hold” rating in a research report on Monday, March 20th. Jefferies Group LLC reissued a “buy” rating and set a $8.00 target price on shares of Array BioPharma in a research report on Wednesday, March 29th. Finally, Piper Jaffray Companies set a $14.00 target price on shares of Array BioPharma and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $11.54.

Shares of Array BioPharma (NASDAQ ARRY) traded down 0.31% on Tuesday, hitting $8.12. 2,409,444 shares of the company were exchanged. The company has a 50-day moving average price of $8.14 and a 200 day moving average price of $9.33. Array BioPharma has a 52-week low of $3.10 and a 52-week high of $13.40. The firm’s market cap is $1.39 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 Zacks’ consensus estimate of ($0.16) by $0.05. The company had revenue of $33.28 million for the quarter, compared to analysts’ expectations of $38.28 million. The business’s quarterly revenue was down 22.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.16) earnings per share. Analysts predict that Array BioPharma will post ($0.76) EPS for the current fiscal year.

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A number of hedge funds have recently modified their holdings of ARRY. Bank of Montreal Can increased its stake in shares of Array BioPharma by 10,802.4% in the second quarter. Bank of Montreal Can now owns 164,408 shares of the biopharmaceutical company’s stock valued at $1,376,000 after buying an additional 162,900 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Array BioPharma by 182.4% in the second quarter. Handelsbanken Fonder AB now owns 480,000 shares of the biopharmaceutical company’s stock valued at $4,018,000 after buying an additional 310,000 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of 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 valued at $9,711,000 after buying an additional 651,057 shares during the period. Bank of Nova Scotia purchased a new stake in shares of Array BioPharma during the first quarter valued at about $4,470,000. Finally, Caxton Associates LP purchased a new stake in shares of Array BioPharma during the first quarter valued at about $142,000. 97.59% of the stock is owned by institutional investors.

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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Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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