California State Teachers Retirement System trimmed its stake in shares of Array Biopharma Inc (NASDAQ:ARRY) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 303,200 shares of the biopharmaceutical company’s stock after selling 10,629 shares during the period. California State Teachers Retirement System owned approximately 0.14% of Array Biopharma worth $4,948,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in ARRY. Farallon Capital Management LLC acquired a new position in shares of Array Biopharma during the first quarter worth approximately $50,510,000. BVF Inc. IL lifted its position in shares of Array Biopharma by 35.7% during the fourth quarter. BVF Inc. IL now owns 8,686,498 shares of the biopharmaceutical company’s stock worth $111,187,000 after purchasing an additional 2,283,973 shares in the last quarter. BlackRock Inc. lifted its position in shares of Array Biopharma by 12.6% during the fourth quarter. BlackRock Inc. now owns 15,252,802 shares of the biopharmaceutical company’s stock worth $195,236,000 after purchasing an additional 1,707,369 shares in the last quarter. American Century Companies Inc. acquired a new position in shares of Array Biopharma during the first quarter worth approximately $25,922,000. Finally, Franklin Resources Inc. lifted its position in shares of Array Biopharma by 12.0% during the fourth quarter. Franklin Resources Inc. now owns 9,169,836 shares of the biopharmaceutical company’s stock worth $117,374,000 after purchasing an additional 979,072 shares in the last quarter. Institutional investors own 92.47% of the company’s stock.
In other Array Biopharma news, COO Andrew R. Robbins sold 17,964 shares of the company’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $17.74, for a total value of $318,681.36. Following the completion of the sale, the chief operating officer now owns 191,535 shares of the company’s stock, valued at $3,397,830.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lunsen Gil J. Van sold 21,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $15.19, for a total transaction of $326,585.00. Following the completion of the sale, the director now directly owns 24,797 shares of the company’s stock, valued at approximately $376,666.43. The disclosure for this sale can be found here. Insiders sold 366,717 shares of company stock valued at $6,570,686 in the last ninety days. Insiders own 3.18% of the company’s stock.
Shares of NASDAQ ARRY opened at $17.10 on Thursday. Array Biopharma Inc has a fifty-two week low of $7.15 and a fifty-two week high of $20.21. The company has a market capitalization of $3.49 billion, a P/E ratio of -23.75 and a beta of 1.68. The company has a current ratio of 5.73, a quick ratio of 5.73 and a debt-to-equity ratio of 0.36.
Array Biopharma (NASDAQ:ARRY) last announced its quarterly earnings data on Wednesday, May 9th. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.11. Array Biopharma had a negative net margin of 72.33% and a negative return on equity of 96.65%. The business had revenue of $66.37 million for the quarter, compared to analyst estimates of $28.81 million. During the same period in the prior year, the business posted ($0.21) earnings per share. Array Biopharma’s revenue was up 99.4% compared to the same quarter last year. research analysts predict that Array Biopharma Inc will post -0.73 EPS for the current fiscal year.
ARRY has been the topic of a number of research reports. Cantor Fitzgerald set a $24.00 target price on shares of Array Biopharma and gave the stock a “buy” rating in a research report on Wednesday, May 9th. ValuEngine upgraded shares of Array Biopharma from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 2nd. SunTrust Banks increased their price objective on shares of Array Biopharma to $25.00 and gave the company a “buy” rating in a report on Monday, June 25th. BidaskClub lowered shares of Array Biopharma from a “hold” rating to a “sell” rating in a report on Tuesday, April 24th. Finally, Wells Fargo & Co increased their price objective on shares of Array Biopharma from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, June 28th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Array Biopharma presently has a consensus rating of “Buy” and an average target price of $20.90.
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 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.
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