Pictet Asset Management Ltd. purchased a new stake in shares of Array BioPharma Inc. (NASDAQ:ARRY) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 282,700 shares of the biopharmaceutical company’s stock, valued at approximately $3,477,000. Pictet Asset Management Ltd. owned about 0.16% of Array BioPharma at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nationwide Fund Advisors increased its position in shares of Array BioPharma by 202.2% during the third quarter. Nationwide Fund Advisors now owns 380,713 shares of the biopharmaceutical company’s stock valued at $4,683,000 after acquiring an additional 254,720 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Array BioPharma during the third quarter valued at about $146,000. Edge Wealth Management LLC acquired a new stake in shares of Array BioPharma during the third quarter valued at about $185,000. Dynamic Technology Lab Private Ltd increased its position in shares of Array BioPharma by 31.2% during the second quarter. Dynamic Technology Lab Private Ltd now owns 44,385 shares of the biopharmaceutical company’s stock valued at $372,000 after acquiring an additional 10,546 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in shares of Array BioPharma during the second quarter valued at about $346,000. Institutional investors and hedge funds own 88.15% of the company’s stock.
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In related news, Director Kyle Lefkoff sold 38,865 shares of Array BioPharma stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $12.31, for a total value of $478,428.15. Following the completion of the transaction, the director now owns 51,585 shares in the company, valued at $635,011.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.18% of the stock is owned by insiders.
A number of equities research analysts have weighed in on the stock. Piper Jaffray Companies reiterated an “overweight” rating and set a $18.00 price target (up from $14.00) on shares of Array BioPharma in a research report on Wednesday, September 20th. Cantor Fitzgerald reissued a “buy” rating and issued a $15.00 price objective on shares of Array BioPharma in a research note on Tuesday, September 26th. Stifel Nicolaus reissued a “buy” rating and issued a $15.00 price objective (up previously from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. J P Morgan Chase & Co reissued a “buy” rating and issued a $14.00 price objective on shares of Array BioPharma in a research note on Monday, September 11th. Finally, Cowen and Company reissued an “outperform” rating and issued a $15.00 price objective (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Array BioPharma presently has an average rating of “Buy” and a consensus target price of $13.65.
Array BioPharma Inc. (NASDAQ:ARRY) opened at $11.21 on Wednesday. Array BioPharma Inc. has a 12 month low of $6.73 and a 12 month high of $13.40. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.43 and a quick ratio of 5.43.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.22). Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The company had revenue of $29.75 million during the quarter, compared to the consensus estimate of $33.74 million. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. The firm’s quarterly revenue was down 24.2% on a year-over-year basis. equities analysts expect that Array BioPharma Inc. will post -0.99 EPS for the current fiscal year.
Array BioPharma 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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