Kopp Investment Advisors LLC trimmed its position in shares of Array Biopharma Inc (NASDAQ:ARRY) by 5.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 112,662 shares of the biopharmaceutical company’s stock after selling 6,917 shares during the quarter. Array Biopharma comprises about 1.4% of Kopp Investment Advisors LLC’s investment portfolio, making the stock its 27th largest holding. Kopp Investment Advisors LLC owned approximately 0.05% of Array Biopharma worth $1,442,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ARRY. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Array Biopharma by 70.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock valued at $118,000 after purchasing an additional 3,834 shares during the last quarter. QS Investors LLC purchased a new position in shares of Array Biopharma in the 4th quarter valued at approximately $134,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Array Biopharma by 71.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 18,317 shares of the biopharmaceutical company’s stock valued at $153,000 after purchasing an additional 7,661 shares during the last quarter. Quantitative Systematic Strategies LLC purchased a new position in shares of Array Biopharma in the 4th quarter valued at approximately $169,000. Finally, First Mercantile Trust Co. purchased a new position in shares of Array Biopharma in the 4th quarter valued at approximately $182,000. 96.43% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Ron Squarer sold 819,671 shares of the stock in a transaction that occurred on Tuesday, December 19th. The shares were sold at an average price of $10.86, for a total value of $8,901,627.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Andrew R. Robbins sold 282,874 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $10.72, for a total transaction of $3,032,409.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,359,061 shares of company stock worth $16,292,205. 3.18% of the stock is owned by corporate insiders.
Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.06. Array Biopharma had a negative net margin of 98.51% and a negative return on equity of 107.79%. The company had revenue of $42.21 million for the quarter, compared to the consensus estimate of $26.81 million. During the same quarter in the prior year, the company earned ($0.14) EPS. Array Biopharma’s quarterly revenue was down 5.2% on a year-over-year basis. research analysts expect that Array Biopharma Inc will post -0.87 EPS for the current year.
Several brokerages recently commented on ARRY. Zacks Investment Research raised shares of Array Biopharma from a “sell” rating to a “hold” rating in a research report on Friday, February 9th. Leerink Swann increased their price objective on shares of Array Biopharma from $19.00 to $20.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. Stifel Nicolaus increased their price objective on shares of Array Biopharma from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. SunTrust Banks reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Array Biopharma in a research report on Tuesday, February 6th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Array Biopharma in a research report on Sunday, January 21st. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $16.43.
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Array Biopharma 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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