Array BioPharma (ARRY) Upgraded by Zacks Investment Research to “Hold”

Array BioPharma (NASDAQ:ARRY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “

Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus boosted their target price on shares of Array BioPharma from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Wednesday. BidaskClub cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research note on Saturday, December 2nd. SunTrust Banks reiterated a “buy” rating and issued a $20.00 target price on shares of Array BioPharma in a research note on Tuesday. Leerink Swann boosted their target price on shares of Array BioPharma from $19.00 to $20.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Jefferies Group boosted their target price on shares of Array BioPharma to $13.00 and gave the company a “buy” rating in a research note on Friday, December 22nd. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Array BioPharma presently has a consensus rating of “Buy” and a consensus price target of $16.43.

Array BioPharma (NASDAQ ARRY) traded up $0.16 on Friday, hitting $17.03. 5,532,107 shares of the company traded hands, compared to its average volume of 5,115,275. The company has a debt-to-equity ratio of 0.39, a quick ratio of 5.43 and a current ratio of 6.17. Array BioPharma has a 1 year low of $6.73 and a 1 year high of $18.24. The firm has a market cap of $3,310.00, a PE ratio of -22.12 and a beta of 2.03.

Array BioPharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating the 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 107.79%. The firm had revenue of $42.21 million during the quarter, compared to analysts’ expectations of $26.81 million. During the same period in the previous year, the business posted ($0.14) EPS. The business’s revenue was down 5.2% compared to the same quarter last year. analysts forecast that Array BioPharma will post -0.99 earnings per share for the current fiscal year.

In related news, CEO Ron Squarer sold 819,671 shares of the business’s stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew R. Robbins sold 282,874 shares of the business’s 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 disclosure for this sale can be found here. In the last three months, insiders sold 1,131,545 shares of company stock valued at $12,315,221. 3.18% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Virtus Fund Advisers LLC increased its holdings in Array BioPharma by 81.8% in the 4th quarter. Virtus Fund Advisers LLC now owns 65,159 shares of the biopharmaceutical company’s stock worth $834,000 after acquiring an additional 29,312 shares in the last quarter. UBS Asset Management Americas Inc. grew its holdings in shares of Array BioPharma by 172.9% during the fourth quarter. UBS Asset Management Americas Inc. now owns 2,112,438 shares of the biopharmaceutical company’s stock worth $27,039,000 after buying an additional 1,338,377 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Array BioPharma by 12.6% during the fourth quarter. BlackRock Inc. now owns 15,252,802 shares of the biopharmaceutical company’s stock worth $195,236,000 after buying an additional 1,707,369 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Array BioPharma by 3.5% during the fourth quarter. Bank of New York Mellon Corp now owns 1,008,216 shares of the biopharmaceutical company’s stock worth $12,905,000 after buying an additional 33,871 shares in the last quarter. Finally, State of Wisconsin Investment Board grew its holdings in shares of Array BioPharma by 32.1% during the fourth quarter. State of Wisconsin Investment Board now owns 169,100 shares of the biopharmaceutical company’s stock worth $2,164,000 after buying an additional 41,100 shares in the last quarter. 98.13% of the stock is owned by institutional investors.

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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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