Array Biopharma Inc (ARRY) Shares Gap Down After Analyst Downgrade

Array Biopharma Inc (NASDAQ:ARRY) shares gapped down before the market opened on Monday after Cowen and Company lowered their price target on the stock to $14.00. The stock had previously closed at $11.66, but opened at $10.56. Cowen and Company currently has an outperform rating on the stock. Array Biopharma shares last traded at $10.07, with a volume of 15,169,894 shares trading hands.

Other research analysts have also issued reports about the company. Leerink Swann lowered Array Biopharma from an “outperform” rating to a “market perform” rating and set a $11.00 price target on the stock. in a report on Monday, January 30th. They noted that the move was a valuation call. JPMorgan Chase & Co. lowered Array Biopharma from an “overweight” rating to a “neutral” rating and set a $10.00 price target on the stock. in a report on Friday, February 3rd. They noted that the move was a valuation call. Zacks Investment Research lowered Array Biopharma from a “buy” rating to a “hold” rating in a report on Tuesday, January 31st. Cantor Fitzgerald set a $13.00 target price on Array Biopharma and gave the company a “buy” rating in a research note on Thursday, February 9th. Finally, Stifel Nicolaus raised their target price on Array Biopharma from $8.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.20.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Array Biopharma during the fourth quarter valued at $440,000. Putnam Investments LLC boosted its position in shares of Array Biopharma by 67.4% in the fourth quarter. Putnam Investments LLC now owns 225,763 shares of the biopharmaceutical company’s stock valued at $1,984,000 after buying an additional 90,922 shares in the last quarter. First Light Asset Management LLC boosted its position in shares of Array Biopharma by 1.4% in the fourth quarter. First Light Asset Management LLC now owns 1,000,361 shares of the biopharmaceutical company’s stock valued at $8,793,000 after buying an additional 14,119 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of Array Biopharma during the fourth quarter valued at $1,152,000. Finally, Guggenheim Capital LLC purchased a new position in shares of Array Biopharma during the fourth quarter valued at $2,357,000. 88.58% of the stock is owned by institutional investors and hedge funds.

The stock’s market capitalization is $1.70 billion. The firm’s 50-day moving average is $11.20 and its 200 day moving average is $8.17.

Array Biopharma (NASDAQ:ARRY) last announced its quarterly earnings results on Thursday, February 9th. The biopharmaceutical company reported ($0.14) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. The company earned $44.50 million during the quarter, compared to analyst estimates of $31.90 million. Array Biopharma’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.17) EPS. Equities analysts forecast that Array Biopharma Inc will post ($0.73) EPS for the current fiscal year.

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About Array Biopharma

Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).

5 Day Chart for NASDAQ:ARRY

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