Cantor Fitzgerald Analysts Give Array BioPharma (ARRY) a $15.00 Price Target

Cantor Fitzgerald set a $15.00 price target on Array BioPharma (NASDAQ:ARRY) in a research report released on Wednesday. The brokerage currently has a buy rating on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for Array BioPharma’s FY2019 earnings at ($0.51) EPS.

“ARRY and ASLAN (NC) have updated a 2011 agreement for varlitinib, a pan-HER2 inhibitor, providing nearer term cash to ARRY in exchange for commercialization rights (the prior agreement covered development).”,” Cantor Fitzgerald’s analyst wrote.

Other analysts have also recently issued reports about the company. Stifel Nicolaus reaffirmed a buy rating and set a $15.00 price objective (up from $13.00) on shares of Array BioPharma in a research report on Monday, September 11th. JPMorgan Chase & Co. reaffirmed a buy rating and set a $14.00 price objective on shares of Array BioPharma in a research report on Monday, September 11th. Jefferies Group reaffirmed a buy rating and set a $9.00 price objective on shares of Array BioPharma in a research report on Tuesday, September 12th. SunTrust Banks reaffirmed a buy rating and set a $16.00 price objective on shares of Array BioPharma in a research report on Wednesday, November 1st. Finally, BidaskClub raised Array BioPharma from a sell rating to a hold rating in a research note on Friday, December 22nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. Array BioPharma currently has a consensus rating of Buy and an average target price of $14.10.

Array BioPharma (ARRY) traded down $0.16 during trading on Wednesday, reaching $13.17. The company’s stock had a trading volume of 2,119,942 shares, compared to its average volume of 3,080,000. Array BioPharma has a 52 week low of $6.73 and a 52 week high of $14.13. The company has a quick ratio of 5.43, a current ratio of 5.43 and a debt-to-equity ratio of 0.54. The firm has a market cap of $2,590.00, a PE ratio of -17.79 and a beta of 1.91.

Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, hitting analysts’ consensus estimates 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 analysts’ expectations of $33.74 million. During the same period last year, the firm earned ($0.20) EPS. The firm’s revenue for the quarter was down 24.2% on a year-over-year basis. equities analysts predict that Array BioPharma will post -0.99 EPS for the current year.

In related news, COO Andrew R. Robbins sold 282,874 shares of the firm’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $10.72, for a total value of $3,032,409.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ron Squarer sold 819,671 shares of the firm’s stock in a transaction that occurred on Tuesday, December 19th. The shares were 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. Corporate insiders own 3.18% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. purchased a new position in Array BioPharma in the 3rd quarter valued at approximately $146,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Array BioPharma during the second quarter worth $110,000. Edge Wealth Management LLC purchased a new position in Array BioPharma during the third quarter worth $185,000. Ameritas Investment Partners Inc. increased its position in Array BioPharma by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after buying an additional 1,012 shares in the last quarter. Finally, Quantbot Technologies LP increased its position in Array BioPharma by 803.5% during the third quarter. Quantbot Technologies LP now owns 18,205 shares of the biopharmaceutical company’s stock worth $223,000 after buying an additional 16,190 shares in the last quarter. 98.13% of the stock is owned by hedge funds and other institutional investors.

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Array BioPharma Company Profile

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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