Array Biopharma (ARRY) Rating Increased to Hold at Zacks Investment Research

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Array Biopharma (NASDAQ:ARRY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.

According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “

A number of other brokerages have also commented on ARRY. Piper Jaffray Companies boosted their price target on Array Biopharma from $21.00 to $25.00 and gave the company an “overweight” rating in a report on Wednesday, June 27th. BidaskClub downgraded Array Biopharma from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. ValuEngine raised Array Biopharma from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. Cantor Fitzgerald set a $24.00 target price on Array Biopharma and gave the company a “buy” rating in a research report on Wednesday, May 9th. Finally, Wells Fargo & Co lifted their target price on Array Biopharma from $31.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, June 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Array Biopharma presently has a consensus rating of “Buy” and a consensus target price of $20.90.

Shares of Array Biopharma stock opened at $14.10 on Friday. The stock has a market capitalization of $3.12 billion, a PE ratio of -19.58 and a beta of 1.27. Array Biopharma has a one year low of $8.50 and a one year high of $20.21. The company has a debt-to-equity ratio of 0.36, a quick ratio of 5.73 and a current ratio of 5.73.

Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, August 14th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). The firm had revenue of $35.40 million during the quarter, compared to the consensus estimate of $38.73 million. Array Biopharma had a negative net margin of 72.33% and a negative return on equity of 96.65%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. analysts predict that Array Biopharma will post -0.73 earnings per share for the current fiscal year.

In related news, insider Victor Sandor sold 22,424 shares of Array Biopharma stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $18.75, for a total value of $420,450.00. Following the sale, the insider now owns 232,510 shares of the company’s stock, valued at $4,359,562.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Jason Haddock sold 20,000 shares of Array Biopharma stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $13.92, for a total value of $278,400.00. Following the completion of the sale, the chief financial officer now directly owns 35,393 shares in the company, valued at approximately $492,670.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 440,217 shares of company stock worth $7,792,551. 3.18% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in ARRY. CIBC Private Wealth Group LLC acquired a new position in Array Biopharma during the second quarter worth approximately $101,000. Ladenburg Thalmann Financial Services Inc. increased its position in Array Biopharma by 107.9% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,614 shares of the biopharmaceutical company’s stock worth $140,000 after buying an additional 4,470 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in Array Biopharma during the second quarter worth approximately $191,000. GSA Capital Partners LLP acquired a new position in Array Biopharma during the first quarter worth approximately $208,000. Finally, Royal Bank of Canada increased its position in Array Biopharma by 266.7% during the first quarter. Royal Bank of Canada now owns 12,874 shares of the biopharmaceutical company’s stock worth $211,000 after buying an additional 9,363 shares during the last quarter. 92.32% of the stock is currently owned by institutional investors and hedge funds.

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.

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