JPMorgan Chase & Co. Lowers Array Biopharma (NASDAQ:ARRY) to Neutral

Array Biopharma (NASDAQ:ARRY) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Friday, The Fly reports.

Several other analysts have also recently commented on the company. Piper Jaffray Companies reissued a “buy” rating on shares of Incyte in a report on Monday, June 17th. Jefferies Financial Group reduced their price objective on Huntsman from $33.00 to $30.00 and set a “buy” rating for the company in a report on Monday, June 17th. Cowen reaffirmed a “buy” rating on shares of Kura Oncology in a report on Monday, June 17th. Leerink Swann cut Array Biopharma from an “outperform” rating to a “market perform” rating and lifted their price objective for the stock from $32.00 to $46.25 in a report on Tuesday, June 18th. Finally, Zacks Investment Research raised Garrett Motion from a “sell” rating to a “hold” rating in a report on Friday, May 10th. Ten equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $35.23.

ARRY opened at $46.82 on Friday. The company has a quick ratio of 5.65, a current ratio of 5.70 and a debt-to-equity ratio of 0.45. The company has a 50 day simple moving average of $37.30. The firm has a market cap of $10.44 billion, a PE ratio of -64.14 and a beta of 1.70. Array Biopharma has a 12 month low of $12.56 and a 12 month high of $47.05.

Array Biopharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.04. The business had revenue of $64.68 million during the quarter, compared to analysts’ expectations of $54.04 million. Array Biopharma had a negative return on equity of 48.51% and a negative net margin of 52.64%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) EPS. As a group, sell-side analysts expect that Array Biopharma will post -0.51 EPS for the current fiscal year.

In related news, insider Victor Sandor sold 40,634 shares of Array Biopharma stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $26.50, for a total transaction of $1,076,801.00. Following the completion of the transaction, the insider now directly owns 278,326 shares of the company’s stock, valued at $7,375,639. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders have sold 180,011 shares of company stock valued at $4,862,502. 2.10% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. raised its holdings in shares of Array Biopharma by 38.2% in the first quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after acquiring an additional 615 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Array Biopharma in the first quarter worth $84,000. Advisor Group Inc. raised its holdings in shares of Array Biopharma by 39.2% in the fourth quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock worth $88,000 after acquiring an additional 1,720 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in shares of Array Biopharma in the first quarter worth $245,000. Finally, Raymond James & Associates acquired a new position in shares of Array Biopharma in the fourth quarter worth $147,000.

About Array Biopharma

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

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