BNP Paribas Arbitrage SA Trims Stake in Array Biopharma Inc (ARRY)

Share on StockTwits

BNP Paribas Arbitrage SA trimmed its position in Array Biopharma Inc (NASDAQ:ARRY) by 88.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,757 shares of the biopharmaceutical company’s stock after selling 166,070 shares during the quarter. BNP Paribas Arbitrage SA’s holdings in Array Biopharma were worth $348,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ARRY. Ladenburg Thalmann Financial Services Inc. increased its stake 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 acquiring an additional 4,470 shares during the last quarter. GSA Capital Partners LLP bought a new stake in Array Biopharma during the first quarter worth approximately $208,000. Royal Bank of Canada increased its stake 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 acquiring an additional 9,363 shares during the last quarter. Bayesian Capital Management LP bought a new stake in Array Biopharma during the first quarter worth approximately $215,000. Finally, Hanseatic Management Services Inc. increased its stake in Array Biopharma by 18,283.3% during the first quarter. Hanseatic Management Services Inc. now owns 13,236 shares of the biopharmaceutical company’s stock worth $216,000 after acquiring an additional 13,164 shares during the last quarter. 92.32% of the stock is currently owned by hedge funds and other institutional investors.

In other Array Biopharma news, COO Andrew R. Robbins sold 17,964 shares of the business’s stock in a transaction that occurred on Wednesday, June 27th. The stock was sold at an average price of $17.74, for a total transaction of $318,681.36. Following the completion of the transaction, the chief operating officer now owns 191,535 shares in the company, valued at $3,397,830.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jason Haddock sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $13.92, for a total value of $278,400.00. Following the transaction, the chief financial officer now owns 35,393 shares of the company’s stock, valued at approximately $492,670.56. The disclosure for this sale can be found here. Insiders have sold 440,217 shares of company stock valued at $7,792,551 in the last 90 days. Company insiders own 3.18% of the company’s stock.

Several brokerages have weighed in on ARRY. BidaskClub raised Array Biopharma from a “sell” rating to a “hold” rating in a research note on Monday, May 14th. Zacks Investment Research cut Array Biopharma from a “hold” rating to a “sell” rating in a research note on Wednesday, July 11th. Piper Jaffray Companies boosted their price objective on Array Biopharma from $21.00 to $25.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 27th. Cantor Fitzgerald reissued a “buy” rating and set a $26.00 price objective (up from $24.00) on shares of Array Biopharma in a research note on Sunday, June 24th. Finally, Wells Fargo & Co boosted their price objective on Array Biopharma from $31.00 to $33.00 and gave the stock an “outperform” rating in a research note on Thursday, June 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $20.90.

Shares of NASDAQ:ARRY opened at $14.10 on Monday. Array Biopharma Inc has a 1 year low of $8.50 and a 1 year high of $20.21. The company has a market cap of $3.12 billion, a price-to-earnings ratio of -19.58 and a beta of 1.27. The company has a quick ratio of 5.73, a current ratio of 5.73 and a debt-to-equity ratio of 0.36.

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

Array Biopharma 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.

Further Reading: Diversification in Your Portfolio

Want to see what other hedge funds are holding ARRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Array Biopharma Inc (NASDAQ:ARRY).

Institutional Ownership by Quarter for Array Biopharma (NASDAQ:ARRY)

Receive News & Ratings for Array Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply