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 equities analysts have also commented on ARRY. Cantor Fitzgerald reaffirmed a buy rating on shares of Array BioPharma in a research note on Wednesday, June 8th. Leerink Swann reaffirmed a buy rating on shares of Array BioPharma in a research note on Monday, June 20th. Stifel Nicolaus raised their price objective on shares of Array BioPharma from $7.00 to $8.00 and gave the stock a buy rating in a research note on Friday, August 5th. Piper Jaffray Cos. set a $7.00 price objective on shares of Array BioPharma and gave the stock a buy rating in a research note on Tuesday, August 9th. Finally, Jefferies Group raised their price objective on shares of Array BioPharma from $6.00 to $7.00 and gave the stock a buy rating in a research note on Monday, August 29th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $8.38.
Shares of Array BioPharma (NASDAQ:ARRY) opened at 6.68 on Tuesday. Array BioPharma has a one year low of $2.38 and a one year high of $7.27. The company has a 50-day moving average price of $4.11 and a 200 day moving average price of $3.57. The firm’s market capitalization is $968.75 million.
Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by $0.02. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The firm earned $43.20 million during the quarter, compared to analyst estimates of $41.51 million. During the same period in the prior year, the business posted ($0.09) EPS. The company’s revenue for the quarter was up 251.2% on a year-over-year basis. Analysts expect that Array BioPharma will post ($0.72) earnings per share for the current fiscal year.
In related news, major shareholder Redmile Group, Llc sold 2,492,578 shares of Array BioPharma stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $6.36, for a total value of $15,852,796.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP acquired a new stake in Array BioPharma during the second quarter valued at about $114,000. BlackRock Inc. increased its position in shares of Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 24,349 shares during the period. Highbridge Capital Management LLC purchased a new position in shares of Array BioPharma during the second quarter valued at approximately $125,000. Baxter Bros Inc. purchased a new position in shares of Array BioPharma during the second quarter valued at approximately $132,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of Array BioPharma during the second quarter valued at approximately $181,000. 85.92% of the stock is owned by institutional investors and hedge funds.
Array BioPharma Company Profile
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).
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