Cantor Fitzgerald Reaffirms “Buy” Rating for Array BioPharma (ARRY)

Array BioPharma (NASDAQ:ARRY)‘s stock had its “buy” rating reiterated by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Sunday. They presently have a $15.00 price target on the biopharmaceutical company’s stock. Cantor Fitzgerald’s target price suggests a potential downside of 3.60% from the stock’s previous close.

A number of other brokerages also recently issued reports on ARRY. Leerink Swann raised shares of Array BioPharma from a “market perform” rating to an “outperform” rating in a research report on Monday. Stifel Nicolaus reaffirmed a “buy” rating on shares of Array BioPharma in a research report on Wednesday, November 1st. Jefferies Group upped their price objective on shares of Array BioPharma to $13.00 and gave the stock a “buy” rating in a research report on Friday, December 22nd. SunTrust Banks reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Array BioPharma in a research report on Wednesday, November 1st. Finally, BidaskClub raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Array BioPharma currently has a consensus rating of “Buy” and an average price target of $14.65.

Array BioPharma (ARRY) traded up $2.42 on Friday, hitting $15.56. 17,638,697 shares of the company were exchanged, compared to its average volume of 3,390,000. The company has a quick ratio of 5.43, a current ratio of 5.43 and a debt-to-equity ratio of 0.54. Array BioPharma has a 12 month low of $6.73 and a 12 month high of $16.00. The firm has a market cap of $3,070.00, a price-to-earnings ratio of -21.03 and a beta of 1.91.

Array BioPharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.22). Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The company had revenue of $29.75 million for the quarter, compared to analyst estimates of $33.74 million. During the same quarter in the prior year, the business posted ($0.20) EPS. The firm’s revenue was down 24.2% compared to the same quarter last year. sell-side analysts predict that Array BioPharma will post -0.99 earnings per share for the current fiscal year.

In other news, CFO Jason Haddock sold 7,500 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $13.73, for a total transaction of $102,975.00. Following the completion of the transaction, the chief financial officer now directly owns 36,368 shares of the company’s stock, valued at approximately $499,332.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lunsen Gil J. Van sold 21,500 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $12.94, for a total transaction of $278,210.00. Following the transaction, the director now directly owns 34,297 shares of the company’s stock, valued at $443,803.18. The disclosure for this sale can be found here. Insiders sold a total of 1,131,545 shares of company stock valued at $12,315,221 over the last ninety days. 3.18% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Fox Run Management L.L.C. bought a new position in shares of Array BioPharma during the 3rd quarter valued at approximately $146,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Array BioPharma during the 2nd quarter valued at approximately $110,000. Edge Wealth Management LLC bought a new position in shares of Array BioPharma during the 3rd quarter valued at approximately $185,000. Ameritas Investment Partners Inc. grew its position in shares of Array BioPharma by 7.2% during 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 period. Finally, Quantbot Technologies LP grew its position in shares of Array BioPharma by 803.5% during 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 period. 98.14% of the stock is owned by hedge funds and other institutional investors.

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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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