Array BioPharma (ARRY) Cut to “Sell” at Zacks Investment Research
Array BioPharma (NASDAQ:ARRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Thursday.
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 have also issued reports on ARRY. Cowen reiterated an “outperform” rating and issued a $15.00 price target (up previously from $14.00) on shares of Array BioPharma in a report on Monday, September 11th. Cantor Fitzgerald reiterated a “buy” rating and issued a $15.00 price target on shares of Array BioPharma in a report on Tuesday, September 26th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $18.00 price target (up previously from $14.00) on shares of Array BioPharma in a report on Wednesday, September 20th. Stifel Nicolaus reiterated a “buy” rating on shares of Array BioPharma in a report on Wednesday, November 1st. Finally, Jefferies Group boosted their price target on Array BioPharma to $13.00 and gave the company a “buy” rating in a report on Friday, December 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. Array BioPharma presently has an average rating of “Buy” and a consensus price target of $14.10.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.22). The company had revenue of $29.75 million during the quarter, compared to analyst estimates of $33.74 million. Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The firm’s revenue was down 24.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.20) earnings per share. research analysts forecast that Array BioPharma will post -0.99 EPS for the current fiscal year.
In other news, COO Andrew R. Robbins sold 282,874 shares of the stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $10.72, for a total transaction of $3,032,409.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ron Squarer sold 819,671 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $10.86, for a total transaction of $8,901,627.06. The disclosure for this sale can be found here. 3.18% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ARRY. Fox Run Management L.L.C. acquired a new stake in Array BioPharma in the 3rd quarter valued at about $146,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Array BioPharma in the 2nd quarter valued at about $110,000. Edge Wealth Management LLC acquired a new stake in Array BioPharma in the 3rd quarter valued at about $185,000. Ameritas Investment Partners Inc. raised its holdings 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 during the last quarter. Finally, Quantbot Technologies LP raised its holdings in Array BioPharma by 803.5% in the 3rd quarter. Quantbot Technologies LP now owns 18,205 shares of the biopharmaceutical company’s stock valued at $223,000 after acquiring an additional 16,190 shares during the last quarter. Hedge funds and other institutional investors own 98.13% of the company’s stock.
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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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