Stifel Nicolaus Increases Array BioPharma (ARRY) Price Target to $20.00

Array BioPharma (NASDAQ:ARRY) had its price objective raised by research analysts at Stifel Nicolaus from $15.00 to $20.00 in a research report issued on Monday, MarketBeat.com reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 52.21% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Zacks Investment Research lowered Array BioPharma from a “hold” rating to a “sell” rating in a research note on Thursday, January 4th. Cantor Fitzgerald set a $15.00 price target on Array BioPharma and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Jefferies Group lifted their price target on Array BioPharma to $13.00 and gave the stock a “buy” rating in a research note on Friday, December 22nd. BidaskClub raised Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Finally, SunTrust Banks reaffirmed a “buy” rating and set a $16.00 price target on shares of Array BioPharma in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. Array BioPharma currently has an average rating of “Buy” and a consensus target price of $14.65.

Shares of Array BioPharma (NASDAQ:ARRY) opened at $13.14 on Monday. The stock has a market capitalization of $2,590.00, a price-to-earnings ratio of -17.76 and a beta of 1.91. Array BioPharma has a 52 week low of $6.73 and a 52 week high of $14.40. The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.43 and a current ratio of 5.43.

Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.22). Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The company had revenue of $29.75 million during the quarter, compared to analyst estimates of $33.74 million. During the same quarter last year, the company earned ($0.20) earnings per share. The firm’s quarterly revenue was down 24.2% on a year-over-year basis. equities analysts expect that Array BioPharma will post -0.99 EPS for the current fiscal year.

In other news, CEO Ron Squarer sold 819,671 shares of Array BioPharma stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $10.86, for a total value of $8,901,627.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Lunsen Gil J. Van sold 21,500 shares of Array BioPharma stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $12.94, for a total value of $278,210.00. Following the completion of the transaction, the director now owns 34,297 shares in the company, valued at approximately $443,803.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,131,545 shares of company stock worth $12,315,221. Company insiders own 3.18% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its holdings in shares of Array BioPharma by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after buying an additional 1,012 shares during the period. Amalgamated Bank increased its holdings in shares of Array BioPharma by 5.6% in the second quarter. Amalgamated Bank now owns 22,141 shares of the biopharmaceutical company’s stock worth $185,000 after buying an additional 1,174 shares during the period. Prudential Financial Inc. increased its holdings in shares of Array BioPharma by 9.1% in the second quarter. Prudential Financial Inc. now owns 18,957 shares of the biopharmaceutical company’s stock worth $159,000 after buying an additional 1,580 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Array BioPharma by 3.3% in the second quarter. The Manufacturers Life Insurance Company now owns 132,865 shares of the biopharmaceutical company’s stock worth $1,112,000 after buying an additional 4,287 shares during the period. Finally, First Light Asset Management LLC increased its holdings in shares of Array BioPharma by 0.9% in the second quarter. First Light Asset Management LLC now owns 571,629 shares of the biopharmaceutical company’s stock worth $4,785,000 after buying an additional 5,297 shares during the period. Hedge funds and other institutional investors own 98.14% of the company’s stock.

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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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