Array BioPharma (NASDAQ:ARRY) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Saturday.
Other equities analysts have also recently issued reports about the company. J P Morgan Chase & Co reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Array BioPharma in a research report on Monday, September 11th. Cantor Fitzgerald set a $15.00 price objective on Array BioPharma and gave the company a “buy” rating in a research report on Tuesday, October 31st. Jefferies Group reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Array BioPharma in a research report on Tuesday, September 12th. Stifel Nicolaus reaffirmed a “buy” rating on shares of Array BioPharma in a research report on Wednesday, November 1st. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Array BioPharma in a research report on Wednesday, November 1st. 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. The company currently has a consensus rating of “Buy” and a consensus target price of $13.65.
Shares of Array BioPharma (NASDAQ ARRY) traded down $0.10 on Friday, hitting $11.15. The stock had a trading volume of 2,284,800 shares, compared to its average volume of 2,539,389. The company has a current ratio of 5.43, a quick ratio of 5.43 and a debt-to-equity ratio of 0.54. Array BioPharma has a 12-month low of $6.73 and a 12-month high of $13.40.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, hitting analysts’ consensus estimates of ($0.22). Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The firm had revenue of $29.75 million for the quarter, compared to analysts’ expectations of $33.74 million. During the same period in the previous year, the firm posted ($0.20) EPS. The business’s revenue for the quarter was down 24.2% 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 other Array BioPharma news, Director Kyle Lefkoff sold 38,865 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $12.31, for a total transaction of $478,428.15. Following the completion of the sale, the director now directly owns 51,585 shares in the company, valued at approximately $635,011.35. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.18% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Array BioPharma by 15.5% during 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 last quarter. BlackRock Inc. raised its stake in Array BioPharma by 1.0% during the 2nd quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock valued at $108,765,000 after buying an additional 125,563 shares during the last quarter. State Street Corp raised its stake in Array BioPharma by 15.5% during 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 last quarter. Point72 Asset Management L.P. raised its stake in Array BioPharma by 274.4% during 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 last quarter. Finally, Franklin Resources Inc. raised its stake in Array BioPharma by 48.4% during the 2nd quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock valued at $74,920,000 after buying an additional 2,918,156 shares during the last quarter. Institutional investors and hedge funds own 98.24% of the company’s stock.
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Array BioPharma Company 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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