Array BioPharma Inc. (NASDAQ:ARRY) had its target price upped by Jefferies Group from $7.00 to $8.00 in a report released on Tuesday. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.
Several other brokerages have also recently issued reports on ARRY. Leerink Swann lifted their price objective on Array BioPharma from $6.00 to $9.00 and gave the company an outperform rating in a research note on Monday, September 26th. Cantor Fitzgerald reiterated a buy rating and issued a $13.00 price objective on shares of Array BioPharma in a research note on Monday, September 26th. Stifel Nicolaus lifted their price objective on Array BioPharma from $7.00 to $8.00 and gave the company a buy rating in a research note on Friday, August 5th. Piper Jaffray Cos. set a $7.00 price objective on Array BioPharma and gave the company a buy rating in a research note on Tuesday, August 9th. Finally, Zacks Investment Research cut Array BioPharma from a buy rating to a hold rating in a research note on Monday, August 8th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Array BioPharma currently has a consensus rating of Buy and a consensus price target of $8.38.
Array BioPharma (NASDAQ:ARRY) last announced its earnings results 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 net margin of 67.33% and a negative return on equity of 568.67%. The firm had revenue of $43.20 million for the quarter, compared to analysts’ expectations of $41.51 million. During the same quarter last year, the business earned ($0.09) earnings per share. The business’s revenue was up 251.2% compared to the same quarter last year.
In other Array BioPharma news, major shareholder Redmile Group, Llc sold 2,492,578 shares of Array BioPharma stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $6.36, for a total transaction of $15,852,796.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARRY. Dimensional Fund Advisors LP purchased a new position in Array BioPharma during the second quarter valued at approximately $114,000. BlackRock Inc. raised 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 purchased a new position in Array BioPharma during the second quarter valued at approximately $125,000. Baxter Bros Inc. purchased a new position in Array BioPharma during the second quarter valued at approximately $132,000. Finally, Virginia Retirement Systems ET AL purchased a new position in Array BioPharma during the second quarter valued at approximately $181,000. 85.92% of the stock is currently owned by institutional investors.
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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