Array BioPharma (ARRY) Shares Up 0% After Analyst Upgrade

Array BioPharma Inc. (NASDAQ:ARRY)’s share price was up 0% during trading on Friday after Jefferies Group raised their price target on the stock to $13.00. Jefferies Group currently has a buy rating on the stock. Array BioPharma traded as high as $12.56 and last traded at $12.27. Approximately 7,947,094 shares were traded during trading, an increase of 107% from the average daily volume of 3,832,906 shares. The stock had previously closed at $12.27.

Several other equities research analysts have also recently commented on the stock. Stifel Nicolaus reiterated a “buy” rating and set a $15.00 price target (up previously from $13.00) on shares of Array BioPharma in a research report on Monday, September 11th. J P Morgan Chase & Co restated a “buy” rating and set a $14.00 price objective on shares of Array BioPharma in a report on Monday, September 11th. SunTrust Banks reaffirmed a “buy” rating and issued a $16.00 price target on shares of Array BioPharma in a research note on Wednesday, November 1st. Cantor Fitzgerald set a $15.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, October 31st. Finally, BidaskClub raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $14.10.

In other news, COO Andrew R. Robbins sold 282,874 shares of Array BioPharma stock in a transaction on Monday, December 18th. The stock was sold at an average price of $10.72, for a total transaction of $3,032,409.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ron Squarer sold 819,671 shares of Array BioPharma stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $10.86, for a total value of $8,901,627.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,141,410 shares of company stock worth $12,412,464. Company insiders own 3.18% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Teacher Retirement System of Texas grew its holdings in Array BioPharma by 8.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 972 shares in the last quarter. Ameritas Investment Partners Inc. grew its holdings in Array BioPharma by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 1,012 shares in the last quarter. Amalgamated Bank grew its holdings in Array BioPharma by 5.6% during the 2nd quarter. Amalgamated Bank now owns 22,141 shares of the biopharmaceutical company’s stock valued at $185,000 after buying an additional 1,174 shares in the last quarter. Prudential Financial Inc. grew its holdings in Array BioPharma by 9.1% during the 2nd quarter. Prudential Financial Inc. now owns 18,957 shares of the biopharmaceutical company’s stock valued at $159,000 after buying an additional 1,580 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in Array BioPharma by 3.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 132,865 shares of the biopharmaceutical company’s stock valued at $1,112,000 after buying an additional 4,287 shares in the last quarter. Institutional investors and hedge funds own 98.13% of the company’s stock.

The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.43 and a current ratio of 5.43. The company has a market capitalization of $2,206.71, a price-to-earnings ratio of -16.58 and a beta of 1.92.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.22). Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The company had revenue of $29.75 million during the quarter, compared to analyst estimates of $33.74 million. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. Array BioPharma’s revenue was down 24.2% on a year-over-year basis. sell-side analysts predict that Array BioPharma Inc. will post -0.99 EPS for the current 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).

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