Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating reaffirmed by equities researchers at SunTrust Banks, Inc. in a research report issued on Wednesday. They currently have a $16.00 target price on the biopharmaceutical company’s stock. SunTrust Banks, Inc.’s target price would indicate a potential upside of 53.11% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ARRY. Zacks Investment Research cut Array BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub cut Array BioPharma from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Cantor Fitzgerald reiterated a “buy” rating and issued a $13.00 price objective on shares of Array BioPharma in a research note on Tuesday, July 18th. Piper Jaffray Companies set a $14.00 price objective on Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, July 18th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $13.00 price objective on shares of Array BioPharma in a research note on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $13.65.

Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.22). The business had revenue of $29.75 million during the quarter, compared to analysts’ expectations of $33.74 million. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The business’s quarterly revenue was down 24.2% compared to the same quarter last year. During the same quarter last year, the business posted ($0.20) EPS.

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In related news, Director Kyle Lefkoff sold 38,865 shares of the business’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $12.31, for a total transaction of $478,428.15. Following the completion of the sale, the director now owns 51,585 shares in the company, valued at $635,011.35. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 3.18% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in Array BioPharma by 38,275.2% during the first quarter. BlackRock Inc. now owns 12,869,137 shares of the biopharmaceutical company’s stock worth $115,049,000 after buying an additional 12,835,602 shares during the period. Vanguard Group Inc. increased its position in Array BioPharma by 56.8% during the first quarter. Vanguard Group Inc. now owns 16,993,415 shares of the biopharmaceutical company’s stock worth $151,921,000 after buying an additional 6,156,120 shares during the period. Franklin Resources Inc. increased its position in Array BioPharma by 48.4% during the second quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock worth $74,920,000 after buying an additional 2,918,156 shares during the period. State Street Corp increased its position in Array BioPharma by 28.6% during the first quarter. State Street Corp now owns 8,264,775 shares of the biopharmaceutical company’s stock worth $73,882,000 after buying an additional 1,837,047 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Array BioPharma by 149.6% during 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. Hedge funds and other institutional investors own 85.61% of the company’s stock.

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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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