Array BioPharma Inc. (NASDAQ:ARRY) Given a $14.00 Price Target by Piper Jaffray Companies Analysts
Array BioPharma Inc. (NASDAQ:ARRY) has been assigned a $14.00 target price by analysts at Piper Jaffray Companies in a report released on Tuesday. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 64.71% from the stock’s current price.
Several other equities research analysts also recently issued reports on the company. Cantor Fitzgerald reiterated a “buy” rating and set a $13.00 price target on shares of Array BioPharma in a report on Tuesday. BidaskClub downgraded Array BioPharma from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded Array BioPharma from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. ValuEngine upgraded Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Jefferies Group LLC set a $8.00 price target on Array BioPharma and gave the stock a “buy” rating in a report on Saturday, May 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $11.54.
Array BioPharma (NASDAQ:ARRY) traded down 0.12% during trading on Tuesday, hitting $8.50. 2,282,265 shares of the company traded hands. The firm’s market capitalization is $1.45 billion. The stock has a 50-day moving average price of $8.14 and a 200-day moving average price of $9.33. Array BioPharma has a 12-month low of $3.10 and a 12-month high of $13.40.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.05. The company had revenue of $33.28 million during the quarter, compared to analyst estimates of $38.28 million. During the same period in the prior year, the business earned ($0.16) EPS. The company’s quarterly revenue was down 22.7% compared to the same quarter last year. Equities analysts expect that Array BioPharma will post ($0.76) EPS for the current fiscal year.
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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Parametrica Management Ltd bought a new stake in shares of Array BioPharma during the first quarter worth about $275,000. UBS Asset Management Americas Inc. boosted its stake in shares of Array BioPharma by 937.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 853,469 shares of the biopharmaceutical company’s stock worth $7,502,000 after buying an additional 771,189 shares during the period. Alambic Investment Management L.P. boosted its stake in shares of Array BioPharma by 12.6% in the first quarter. Alambic Investment Management L.P. now owns 195,030 shares of the biopharmaceutical company’s stock worth $1,744,000 after buying an additional 21,800 shares during the period. Spark Investment Management LLC boosted its stake in shares of Array BioPharma by 30.9% in the first quarter. Spark Investment Management LLC now owns 343,900 shares of the biopharmaceutical company’s stock worth $3,074,000 after buying an additional 81,200 shares during the period. Finally, Acadian Asset Management LLC bought a new stake in shares of Array BioPharma during the first quarter worth about $1,242,000. 97.88% of the stock is currently owned by hedge funds and other 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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