Array Biopharma Inc (ARRY) Receives Consensus Rating of “Buy” from Brokerages

Array Biopharma Inc (NASDAQ:ARRY) has received an average recommendation of “Buy” from the twelve research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $25.75.

ARRY has been the topic of several research analyst reports. Zacks Investment Research cut shares of Array Biopharma from a “buy” rating to a “hold” rating in a research report on Monday, January 21st. BidaskClub upgraded shares of Array Biopharma from a “hold” rating to a “buy” rating in a research report on Wednesday, January 9th. Piper Jaffray Companies restated a “positive” rating and issued a $28.00 price objective on shares of Array Biopharma in a research report on Tuesday, January 15th. Cantor Fitzgerald initiated coverage on shares of Array Biopharma in a research report on Tuesday, January 15th. They issued an “overweight” rating and a $30.00 price objective on the stock. Finally, Goldman Sachs Group initiated coverage on shares of Array Biopharma in a research report on Thursday, December 13th. They issued a “neutral” rating and a $20.00 price objective on the stock.

Shares of ARRY stock traded down $0.15 during trading on Wednesday, hitting $21.22. The company had a trading volume of 3,331,900 shares, compared to its average volume of 4,117,780. The company has a current ratio of 6.31, a quick ratio of 6.31 and a debt-to-equity ratio of 0.46. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of -29.07 and a beta of 1.37. Array Biopharma has a 52 week low of $12.56 and a 52 week high of $22.80.

Array Biopharma (NASDAQ:ARRY) last posted its quarterly earnings data on Tuesday, February 5th. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.11. The company had revenue of $82.55 million for the quarter, compared to analysts’ expectations of $52.44 million. Array Biopharma had a negative net margin of 46.20% and a negative return on equity of 44.37%. Array Biopharma’s revenue for the quarter was up 95.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.17) earnings per share. As a group, sell-side analysts forecast that Array Biopharma will post -0.6 EPS for the current fiscal year.

In other Array Biopharma news, insider Victor Sandor sold 115,185 shares of the company’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $16.21, for a total value of $1,867,148.85. Following the completion of the sale, the insider now owns 337,483 shares of the company’s stock, valued at $5,470,599.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, General Counsel Curtis Gale Oltmans sold 19,720 shares of the company’s stock in a transaction that occurred on Tuesday, January 15th. The stock was sold at an average price of $18.06, for a total value of $356,143.20. Following the completion of the sale, the general counsel now directly owns 23,641 shares of the company’s stock, valued at approximately $426,956.46. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,084,761 shares of company stock valued at $21,452,310. 2.10% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. American International Group Inc. boosted its stake in Array Biopharma by 0.4% in the fourth quarter. American International Group Inc. now owns 135,789 shares of the biopharmaceutical company’s stock worth $1,935,000 after buying an additional 520 shares in the last quarter. Geode Capital Management LLC boosted its stake in Array Biopharma by 7.5% in the fourth quarter. Geode Capital Management LLC now owns 2,494,726 shares of the biopharmaceutical company’s stock worth $35,549,000 after buying an additional 174,315 shares in the last quarter. Eversept Partners LP boosted its stake in Array Biopharma by 49.7% in the fourth quarter. Eversept Partners LP now owns 90,412 shares of the biopharmaceutical company’s stock worth $1,288,000 after buying an additional 30,000 shares in the last quarter. California State Teachers Retirement System boosted its stake in Array Biopharma by 3.5% in the fourth quarter. California State Teachers Retirement System now owns 322,822 shares of the biopharmaceutical company’s stock worth $4,600,000 after buying an additional 10,887 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Array Biopharma during the fourth quarter valued at approximately $622,000. 95.14% of the stock is owned by institutional investors and hedge funds.

Array Biopharma Company Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

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Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

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