Array Biopharma (NASDAQ:ARRY) Lowered to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Array Biopharma (NASDAQ:ARRY) from an overweight rating to a neutral rating in a research note published on Friday morning, Benzinga reports. The brokerage currently has $48.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $29.00.

Several other research analysts have also recently issued reports on ARRY. Zacks Investment Research raised Garrett Motion from a sell rating to a hold rating in a research report on Friday, May 10th. SunTrust Banks lowered their price objective on Malibu Boats to $48.00 and set a buy rating for the company in a research report on Monday, June 17th. Goldman Sachs Group set a €42.60 ($49.53) price objective on Deutsche Wohnen and gave the stock a neutral rating in a research report on Tuesday, June 18th. Piper Jaffray Companies reaffirmed a buy rating on shares of Incyte in a research report on Monday, June 17th. Finally, Jefferies Financial Group lowered their price objective on Huntsman from $33.00 to $30.00 and set a buy rating for the company in a research report on Monday, June 17th. Ten research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $37.13.

NASDAQ:ARRY opened at $46.42 on Friday. The business’s 50-day simple moving average is $38.89. Array Biopharma has a 1 year low of $12.56 and a 1 year high of $47.05. The company has a quick ratio of 5.65, a current ratio of 5.70 and a debt-to-equity ratio of 0.45.

Array Biopharma (NASDAQ:ARRY) last released its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The business had revenue of $64.68 million during the quarter, compared to analysts’ expectations of $54.04 million. Array Biopharma had a negative return on equity of 48.51% and a negative net margin of 52.64%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) EPS. As a group, research analysts forecast that Array Biopharma will post -0.51 earnings per share for the current year.

In other news, insider Victor Sandor sold 15,728 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $27.50, for a total value of $432,520.00. Following the completion of the sale, the insider now directly owns 225,271 shares of the company’s stock, valued at approximately $6,194,952.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 180,011 shares of company stock valued at $4,862,502 over the last three months. Company insiders own 2.10% of the company’s stock.

Several institutional investors have recently bought and sold shares of ARRY. FMR LLC lifted its holdings in shares of Array Biopharma by 16.9% in the 4th quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock valued at $451,632,000 after purchasing an additional 4,591,866 shares during the last quarter. Marshall Wace North America L.P. raised its stake in Array Biopharma by 19,428.9% during the 1st quarter. Marshall Wace North America L.P. now owns 2,554,381 shares of the biopharmaceutical company’s stock valued at $62,275,000 after acquiring an additional 2,541,301 shares during the last quarter. Norges Bank purchased a new stake in Array Biopharma during the 4th quarter valued at approximately $27,689,000. Great Point Partners LLC purchased a new stake in Array Biopharma during the 4th quarter valued at approximately $26,363,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in Array Biopharma during the 1st quarter valued at approximately $29,776,000.

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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