Brokerages Set Array BioPharma Inc. (ARRY) Price Target at $13.99

Shares of Array BioPharma Inc. (NASDAQ:ARRY) have been given a consensus recommendation of “Buy” by the twelve ratings firms that are presently covering the company, Marketbeat Ratings reports. 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 company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $13.99.

Several analysts have recently commented on the stock. Cantor Fitzgerald set a $15.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research note on Wednesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $15.00 price objective (up from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. Zacks Investment Research cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research note on Thursday. BidaskClub cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research note on Saturday, December 2nd. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Array BioPharma in a research note on Tuesday, September 12th.

In related news, CEO Ron Squarer sold 819,671 shares of the firm’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $10.86, for a total transaction of $8,901,627.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Andrew R. Robbins sold 282,874 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $10.72, for a total transaction of $3,032,409.28. The disclosure for this sale can be found here. Company insiders own 3.18% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. increased its stake in Array BioPharma by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 1,012 shares during the last quarter. Amalgamated Bank increased its stake in Array BioPharma by 5.6% in the 2nd quarter. Amalgamated Bank now owns 22,141 shares of the biopharmaceutical company’s stock valued at $185,000 after buying an additional 1,174 shares during the last quarter. Prudential Financial Inc. increased its stake in Array BioPharma by 9.1% in the 2nd quarter. Prudential Financial Inc. now owns 18,957 shares of the biopharmaceutical company’s stock valued at $159,000 after buying an additional 1,580 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Array BioPharma by 3.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 132,865 shares of the biopharmaceutical company’s stock valued at $1,112,000 after buying an additional 4,287 shares during the last quarter. Finally, First Light Asset Management LLC increased its stake in Array BioPharma by 0.9% in the 2nd quarter. First Light Asset Management LLC now owns 571,629 shares of the biopharmaceutical company’s stock valued at $4,785,000 after buying an additional 5,297 shares during the last quarter. Hedge funds and other institutional investors own 98.13% of the company’s stock.

Array BioPharma (ARRY) traded down $0.16 on Tuesday, hitting $13.17. 2,089,828 shares of the stock traded hands, compared to its average volume of 3,100,000. Array BioPharma has a twelve month low of $6.73 and a twelve month high of $14.13. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.43 and a quick ratio of 5.43. The company has a market capitalization of $2,590.00, a PE ratio of -17.79 and a beta of 1.91.

Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.22). Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The business had revenue of $29.75 million for the quarter, compared to analysts’ expectations of $33.74 million. During the same period in the prior year, the firm earned ($0.20) earnings per share. Array BioPharma’s revenue was down 24.2% compared to the same quarter last year. sell-side analysts anticipate that Array BioPharma will post -0.99 EPS for the current fiscal year.

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About Array BioPharma

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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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