Array BioPharma (ARRY) Shares Up -1.8% After Analyst Upgrade

Array BioPharma Inc. (NASDAQ:ARRY) shot up 1.8% during mid-day trading on Thursday after Leerink Swann raised their price target on the stock from $19.00 to $20.00. Leerink Swann currently has an outperform rating on the stock. Array BioPharma traded as high as $17.98 and last traded at $17.24. 4,412,928 shares changed hands during trading, a decline of 10% from the average session volume of 4,926,410 shares. The stock had previously closed at $17.55.

Several other equities research analysts also recently weighed in on ARRY. SunTrust Banks reissued a “buy” rating and issued a $20.00 target price on shares of Array BioPharma in a research report on Tuesday. Stifel Nicolaus boosted their target price on shares of Array BioPharma from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday. Cantor Fitzgerald reissued a “buy” rating and issued a $15.00 target price on shares of Array BioPharma in a research report on Sunday, January 21st. BidaskClub raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Finally, Zacks Investment Research downgraded shares of Array BioPharma from a “hold” rating to a “sell” rating in a research report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $16.43.

In other news, Director Lunsen Gil J. Van sold 21,500 shares of Array BioPharma stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $12.94, for a total value of $278,210.00. Following the completion of the transaction, the director now directly owns 34,297 shares of the company’s stock, valued at approximately $443,803.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason Haddock sold 7,500 shares of Array BioPharma stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $13.73, for a total transaction of $102,975.00. Following the completion of the transaction, the chief financial officer now directly owns 36,368 shares of the company’s stock, valued at $499,332.64. The disclosure for this sale can be found here. Insiders sold a total of 1,131,545 shares of company stock valued at $12,315,221 in the last three months. Insiders own 3.18% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of ARRY. Point72 Asset Management L.P. boosted its holdings in shares of Array BioPharma by 274.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 9,008,999 shares of the biopharmaceutical company’s stock valued at $110,811,000 after buying an additional 6,602,999 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Array BioPharma by 15.5% in the 2nd quarter. Vanguard Group Inc. now owns 19,622,890 shares of the biopharmaceutical company’s stock valued at $164,243,000 after buying an additional 2,629,475 shares during the period. State Street Corp boosted its holdings in shares of Array BioPharma by 15.5% in the 2nd quarter. State Street Corp now owns 9,544,525 shares of the biopharmaceutical company’s stock valued at $79,890,000 after buying an additional 1,279,750 shares during the period. 683 Capital Management LLC acquired a new position in shares of Array BioPharma in the 3rd quarter valued at about $6,150,000. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Array BioPharma by 33.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,446,775 shares of the biopharmaceutical company’s stock valued at $12,109,000 after buying an additional 360,535 shares during the period. 98.13% of the stock is owned by institutional investors and hedge funds.

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 stock has a market cap of $3,320.00, a price-to-earnings ratio of -21.91 and a beta of 2.03.

Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.06. Array BioPharma had a negative net margin of 98.51% and a negative return on equity of 154.43%. The business had revenue of $42.21 million during the quarter, compared to analyst estimates of $26.81 million. During the same period in the previous year, the business posted ($0.14) EPS. The company’s quarterly revenue was down 5.2% on a year-over-year basis. analysts predict that Array BioPharma Inc. will post -0.99 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).

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