Array Biopharma (ARRY) Earns Buy Rating from Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their buy rating on shares of Array Biopharma (NASDAQ:ARRY) in a research note released on Sunday morning. Cantor Fitzgerald currently has a $26.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $24.00.

“. We maintain an Overweight rating with an updated $26 PT on ARRY shares. The company has an upcoming PDUFA of 6/30/18 for the combination of binimetinib/encorafenib (bini/enco), which, based on the results of the COLUMBUS study, has the potential to be best-in-class and take a market-leader position, in our view. In addition, we see further opportunity in BRAF+ CRC based on the safety lead-in portion data presented to date from the BEACON-CRC study.”,” the firm’s analyst wrote.

Several other analysts have also issued reports on the stock. BidaskClub upgraded shares of Array Biopharma from a hold rating to a buy rating in a research report on Friday, June 8th. Zacks Investment Research lowered shares of Array Biopharma from a buy rating to a hold rating in a research report on Monday, May 14th. Finally, ValuEngine upgraded shares of Array Biopharma from a buy rating to a strong-buy rating in a research report on Wednesday, May 2nd. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $18.78.

Array Biopharma opened at $18.50 on Friday, according to Marketbeat. The company has a current ratio of 5.73, a quick ratio of 5.73 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of -25.69 and a beta of 1.79. Array Biopharma has a 52-week low of $7.15 and a 52-week high of $20.21.

Array Biopharma (NASDAQ:ARRY) last posted its quarterly earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.11. The company had revenue of $66.37 million for the quarter, compared to analyst estimates of $28.81 million. Array Biopharma had a negative net margin of 72.33% and a negative return on equity of 96.65%. The business’s quarterly revenue was up 99.4% on a year-over-year basis. During the same period last year, the business posted ($0.21) EPS. research analysts forecast that Array Biopharma will post -0.74 EPS for the current fiscal year.

In other news, insider Victor Sandor sold 8,689 shares of Array Biopharma stock in a transaction dated Tuesday, April 3rd. The shares were sold at an average price of $15.35, for a total transaction of $133,376.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lunsen Gil J. Van sold 21,500 shares of Array Biopharma stock in a transaction dated Wednesday, May 16th. The shares were sold at an average price of $15.36, for a total transaction of $330,240.00. Following the sale, the director now owns 31,797 shares in the company, valued at $488,401.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 173,189 shares of company stock worth $3,076,197. 3.18% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC bought a new position in Array Biopharma during the 4th quarter valued at about $9,122,000. BVF Inc. IL lifted its holdings in Array Biopharma by 35.7% during the 4th quarter. BVF Inc. IL now owns 8,686,498 shares of the biopharmaceutical company’s stock valued at $111,187,000 after purchasing an additional 2,283,973 shares during the last quarter. American International Group Inc. lifted its holdings in Array Biopharma by 15.9% during the 4th quarter. American International Group Inc. now owns 134,107 shares of the biopharmaceutical company’s stock valued at $1,717,000 after purchasing an additional 18,401 shares during the last quarter. Swiss National Bank lifted its holdings in Array Biopharma by 5.5% during the 1st quarter. Swiss National Bank now owns 325,600 shares of the biopharmaceutical company’s stock valued at $5,314,000 after purchasing an additional 16,900 shares during the last quarter. Finally, TIAA CREF Investment Management LLC lifted its holdings in Array Biopharma by 9.2% during the 4th quarter. TIAA CREF Investment Management LLC now owns 828,739 shares of the biopharmaceutical company’s stock valued at $10,608,000 after purchasing an additional 70,019 shares during the last quarter. Institutional investors and hedge funds own 92.47% of the company’s stock.

About Array Biopharma

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific. The company's drugs in Phase III clinical trials include Binimetinib, Encorafenib, Selumetinib, and Ipatasertib/GDC-0068 for the treatment of cancer, as well as ASC08/Danoprevir to treat hepatitis C virus.

Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

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