Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “overweight” rating reissued by equities researchers at Piper Jaffray Companies in a research report issued on Wednesday. They currently have a $18.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $14.00. Piper Jaffray Companies’ target price suggests a potential upside of 55.17% from the company’s current price.

A number of other brokerages also recently issued reports on ARRY. Stifel Nicolaus restated a “buy” rating and set a $15.00 price target (up previously from $13.00) on shares of Array BioPharma in a report on Monday, September 11th. J P Morgan Chase & Co restated a “buy” rating and set a $14.00 price target on shares of Array BioPharma in a report on Monday, September 11th. Cantor Fitzgerald boosted their price target on Array BioPharma from $13.00 to $15.00 and gave the company an “overweight” rating in a report on Monday, September 11th. Cowen and Company reaffirmed an “outperform” rating and set a $15.00 price objective (up from $14.00) on shares of Array BioPharma in a research report on Monday, September 11th. Finally, BidaskClub raised Array BioPharma from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Array BioPharma currently has an average rating of “Buy” and a consensus target price of $13.10.

Shares of Array BioPharma (NASDAQ ARRY) traded up 0.69% during midday trading on Wednesday, hitting $11.60. The stock had a trading volume of 5,245,595 shares. The stock’s market cap is $1.99 billion. The firm’s 50-day moving average price is $9.34 and its 200-day moving average price is $8.78. Array BioPharma has a 1-year low of $3.45 and a 1-year high of $13.40.

Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The company had revenue of $33.80 million for the quarter, compared to the consensus estimate of $28.64 million. During the same quarter in the previous year, the business earned ($0.17) EPS. Array BioPharma’s revenue was down 21.8% compared to the same quarter last year. Analysts forecast that Array BioPharma will post ($0.99) earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the stock. Quantitative Systematic Strategies LLC lifted its position in Array BioPharma by 9.6% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after acquiring an additional 1,103 shares in the last quarter. Knott David M bought a new position in Array BioPharma in the 1st quarter valued at approximately $107,000. Teacher Retirement System of Texas lifted its position in Array BioPharma by 8.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after acquiring an additional 972 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in Array BioPharma in the 2nd quarter valued at approximately $110,000. Finally, Ameritas Investment Partners Inc. lifted its position in Array BioPharma by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after acquiring an additional 1,012 shares in the last quarter. 97.59% of the stock is currently owned by institutional investors and hedge funds.

About Array BioPharma

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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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