Array BioPharma Inc. (NASDAQ:ARRY) major shareholder Redmile Group, Llc sold 2,492,578 shares of the business’s 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Redmile Group, Llc also recently made the following trade(s):
- On Thursday, September 15th, Redmile Group, Llc purchased 400,000 shares of Array BioPharma stock. The stock was purchased at an average price of $3.51 per share, with a total value of $1,404,000.00.
Array BioPharma Inc. (NASDAQ:ARRY) opened at 6.75 on Friday. Array BioPharma Inc. has a one year low of $2.38 and a one year high of $7.27. The firm’s market cap is $978.90 million. The firm has a 50-day moving average price of $3.93 and a 200-day moving average price of $3.50.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by $0.02. The business earned $43.20 million during the quarter, compared to the consensus estimate of $41.51 million. Array BioPharma had a negative net margin of 67.33% and a negative return on equity of 568.67%. The business’s revenue was up 251.2% compared to the same quarter last year. During the same period last year, the company posted ($0.09) earnings per share. On average, equities analysts expect that Array BioPharma Inc. will post ($0.72) EPS for the current fiscal year.
Several analysts recently issued reports on the company. Piper Jaffray Cos. set a $7.00 price target on Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, August 9th. Zacks Investment Research downgraded Array BioPharma from a “buy” rating to a “hold” rating in a research report on Monday, August 8th. Leerink Swann upped their target price on Array BioPharma from $6.00 to $9.00 and gave the company an “outperform” rating in a research report on Monday, September 26th. Stifel Nicolaus upped their target price on Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $8.00 target price (up from $6.00) on shares of Array BioPharma in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Array BioPharma has a consensus rating of “Buy” and a consensus target price of $8.38.
A number of institutional investors have recently added to or reduced their stakes in ARRY. Dimensional Fund Advisors LP acquired a new position in Array BioPharma during the second quarter valued at about $114,000. BlackRock Inc. boosted its position in 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 acquired a new position in Array BioPharma during the second quarter valued at about $125,000. Baxter Bros Inc. acquired a new position in Array BioPharma during the second quarter valued at about $132,000. Finally, Virginia Retirement Systems ET AL acquired a new position in Array BioPharma during the second quarter valued at about $181,000. 85.92% of the stock is currently 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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