Array BioPharma Inc. (NASDAQ:ARRY) had its price target increased by Leerink Swann from $6.00 to $9.00 in a report released on Monday. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Leerink Swann’s price target would suggest a potential upside of 35.56% from the stock’s previous close.
A number of other brokerages have also issued reports on ARRY. Zacks Investment Research lowered Array BioPharma from a “buy” rating to a “hold” rating in a research report on Monday, August 8th. Cantor Fitzgerald reissued a “buy” rating on shares of Array BioPharma in a research note on Wednesday, June 8th. Piper Jaffray Cos. boosted their price objective on Array BioPharma from $7.00 to $10.00 and gave the stock an “overweight” rating in a research note on Monday. Jefferies Group boosted their price objective on Array BioPharma from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, August 29th. Finally, SunTrust Banks Inc. initiated coverage on Array BioPharma in a research note on Thursday, June 2nd. They issued a “buy” rating and a $7.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $8.29.
Shares of Array BioPharma (NASDAQ:ARRY) traded up 81.10% on Monday, hitting $6.61. The stock had a trading volume of 101,883,617 shares. The firm’s 50-day moving average is $3.56 and its 200 day moving average is $3.37. Array BioPharma has a 1-year low of $2.38 and a 1-year high of $6.65. The stock’s market cap is $958.60 million.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 business had revenue of $43.20 million for the quarter, compared to analyst estimates of $41.51 million. During the same quarter last year, the firm posted ($0.09) EPS. The company’s revenue was up 251.2% compared to the same quarter last year. Equities analysts forecast that Array BioPharma will post ($0.68) EPS for the current year.
In related news, major shareholder Redmile Group, Llc bought 400,000 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were bought at an average cost of $3.51 per share, with a total value of $1,404,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.60% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Array BioPharma by 3.6% in the second quarter. Vanguard Group Inc. now owns 8,677,752 shares of the biopharmaceutical company’s stock worth $30,893,000 after buying an additional 299,761 shares during the period. BlackRock Fund Advisors increased its position in shares of Array BioPharma by 0.9% in the second quarter. BlackRock Fund Advisors now owns 5,247,300 shares of the biopharmaceutical company’s stock worth $18,680,000 after buying an additional 47,621 shares in the last quarter. Sarissa Capital Management LP increased its position in shares of Array BioPharma by 49.6% in the second quarter. Sarissa Capital Management LP now owns 4,300,000 shares of the biopharmaceutical company’s stock worth $15,308,000 after buying an additional 1,425,000 shares in the last quarter. Artal Group S.A. increased its position in shares of Array BioPharma by 4.3% in the second quarter. Artal Group S.A. now owns 3,870,000 shares of the biopharmaceutical company’s stock worth $13,777,000 after buying an additional 160,000 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in shares of Array BioPharma by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,472,853 shares of the biopharmaceutical company’s stock worth $12,363,000 after buying an additional 31,629 shares in the last quarter. 85.92% of the stock is currently owned by institutional investors.
About Array BioPharma
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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