JPMorgan Chase & Co. reaffirmed their overweight rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a research note issued to investors on Tuesday morning. They currently have a $8.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $6.00.
Several other analysts have also weighed in on ARRY. SunTrust Banks Inc. initiated coverage on shares of Array BioPharma in a report on Thursday, June 2nd. They set a buy rating and a $7.00 price objective for the company. Cantor Fitzgerald reaffirmed a buy rating on shares of Array BioPharma in a report on Wednesday, June 8th. Leerink Swann reaffirmed a buy rating on shares of Array BioPharma in a report on Monday, June 20th. Zacks Investment Research raised shares of Array BioPharma from a hold rating to a buy rating and set a $4.00 price objective for the company in a report on Tuesday, July 5th. Finally, 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 report on Friday, August 5th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Array BioPharma currently has an average rating of Buy and a consensus target price of $8.38.
Shares of Array BioPharma (NASDAQ:ARRY) opened at 6.24 on Tuesday. Array BioPharma has a 12 month low of $2.38 and a 12 month high of $7.27. The stock’s 50 day moving average price is $3.83 and its 200-day moving average price is $3.47. The stock’s market capitalization is $904.94 million.
Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. The firm had revenue of $43.20 million for the quarter, compared to analyst estimates of $41.51 million. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The business’s quarterly revenue was up 251.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.09) EPS. Equities analysts forecast that Array BioPharma will post ($0.72) earnings per share for the current fiscal year.
In other Array BioPharma news, major shareholder Redmile Group, Llc acquired 400,000 shares of Array BioPharma stock in a transaction on Thursday, September 15th. The shares were purchased at an average cost of $3.51 per share, with a total value of $1,404,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.60% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP acquired a new position in shares of Array BioPharma during the second quarter worth about $114,000. BlackRock Inc. boosted 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 worth $120,000 after buying an additional 24,349 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Array BioPharma during the second quarter worth about $125,000. Baxter Bros Inc. acquired a new position in shares of Array BioPharma during the second quarter worth about $132,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Array BioPharma during the second quarter worth about $181,000. 85.92% of the stock is currently owned by hedge funds and other 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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