BidaskClub Lowers Array Biopharma (ARRY) to Buy

BidaskClub cut shares of Array Biopharma (NASDAQ:ARRY) from a strong-buy rating to a buy rating in a research note issued to investors on Tuesday, BidAskClub reports.

ARRY has been the topic of several other research reports. Leerink Swann assumed coverage on Array Biopharma in a research note on Thursday, January 17th. They issued an outperform rating and a $28.00 price target on the stock. Zacks Investment Research lowered Array Biopharma from a buy rating to a hold rating in a research note on Monday, January 28th. Cantor Fitzgerald set a $30.00 price target on Array Biopharma and gave the company a buy rating in a research note on Tuesday, February 5th. Finally, JPMorgan Chase & Co. upped their price target on Array Biopharma from $18.00 to $29.00 and gave the company an overweight rating in a research note on Thursday, March 14th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Array Biopharma presently has an average rating of Buy and a consensus target price of $26.50.

Shares of NASDAQ:ARRY opened at $22.39 on Tuesday. Array Biopharma has a 52-week low of $12.56 and a 52-week high of $25.05. The firm has a market capitalization of $5.01 billion, a price-to-earnings ratio of -30.67 and a beta of 1.48. The company has a debt-to-equity ratio of 0.46, a current ratio of 6.31 and a quick ratio of 6.31.

Array Biopharma (NASDAQ:ARRY) last announced its quarterly earnings results on Tuesday, February 5th. The biopharmaceutical company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.11. Array Biopharma had a negative return on equity of 44.37% and a negative net margin of 46.20%. The business had revenue of $82.55 million for the quarter, compared to analyst estimates of $52.44 million. During the same quarter in the prior year, the company posted ($0.17) EPS. The company’s quarterly revenue was up 95.5% on a year-over-year basis. As a group, equities analysts expect that Array Biopharma will post -0.62 earnings per share for the current fiscal year.

In related news, General Counsel Curtis Gale Oltmans sold 14,029 shares of the stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $18.00, for a total transaction of $252,522.00. Following the transaction, the general counsel now owns 17,950 shares of the company’s stock, valued at approximately $323,100. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Carrie Smith Cox bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 19th. The shares were purchased at an average cost of $23.20 per share, for a total transaction of $116,000.00. Following the purchase, the director now owns 8,000 shares in the company, valued at approximately $185,600. The disclosure for this purchase can be found here. In the last three months, insiders have sold 936,069 shares of company stock worth $19,030,369. 2.10% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Meeder Asset Management Inc. increased its holdings in Array Biopharma by 635.8% during the 4th quarter. Meeder Asset Management Inc. now owns 2,097 shares of the biopharmaceutical company’s stock worth $30,000 after purchasing an additional 1,812 shares during the period. Exane Derivatives purchased a new stake in Array Biopharma during the 4th quarter worth about $39,000. IFP Advisors Inc purchased a new stake in Array Biopharma during the 4th quarter worth about $40,000. Bank of Montreal Can increased its holdings in Array Biopharma by 47.3% during the 4th quarter. Bank of Montreal Can now owns 5,879 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 1,888 shares during the period. Finally, Advisor Group Inc. increased its holdings in Array Biopharma by 39.2% during the 4th quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,720 shares during the period. 97.92% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

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