Hollencrest Capital Management cut its stake in shares of Array Biopharma Inc (NASDAQ:ARRY) by 29.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 100,000 shares of the biopharmaceutical company’s stock after selling 41,470 shares during the period. Hollencrest Capital Management’s holdings in Array Biopharma were worth $1,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of ARRY. CIBC Private Wealth Group LLC purchased a new position in Array Biopharma in the second quarter worth $101,000. Ladenburg Thalmann Financial Services Inc. raised its position in Array Biopharma by 107.9% in 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 in the last quarter. Essex Investment Management Co. LLC purchased a new position in Array Biopharma in the third quarter worth $164,000. Oppenheimer Asset Management Inc. purchased a new position in Array Biopharma in the second quarter worth $191,000. Finally, Royal Bank of Canada raised its position in Array Biopharma by 266.7% in 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 in the last quarter. 92.56% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Jason Haddock sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $13.92, for a total value of $278,400.00. Following the completion of the transaction, the chief financial officer now owns 35,393 shares in the company, valued at $492,670.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lunsen Gil J. Van sold 18,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $14.76, for a total value of $265,680.00. Following the completion of the transaction, the director now owns 37,297 shares of the company’s stock, valued at approximately $550,503.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,687 shares of company stock valued at $693,066. Company insiders own 2.10% of the company’s stock.
ARRY has been the subject of several research analyst reports. Zacks Investment Research cut Array Biopharma from a “hold” rating to a “sell” rating in a research report on Wednesday, July 11th. BidaskClub cut Array Biopharma from a “hold” rating to a “sell” rating in a research report on Thursday, July 26th. Guggenheim initiated coverage on Array Biopharma in a research report on Monday, September 17th. They issued a “buy” rating for the company. Finally, Cowen set a $22.00 price objective on Array Biopharma and gave the stock a “buy” rating in a research report on Sunday, October 7th. 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 assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $22.44.
Shares of ARRY stock opened at $16.47 on Monday. Array Biopharma Inc has a fifty-two week low of $10.21 and a fifty-two week high of $20.21. The firm has a market capitalization of $3.51 billion, a PE ratio of -22.56 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.62 and a quick ratio of 5.62.
Array Biopharma (NASDAQ:ARRY) last announced its quarterly earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.10. Array Biopharma had a negative return on equity of 74.02% and a negative net margin of 66.77%. The business had revenue of $56.91 million during the quarter, compared to analysts’ expectations of $34.47 million. During the same quarter last year, the business posted ($0.22) earnings per share. The business’s revenue for the quarter was up 91.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Array Biopharma Inc will post -0.66 earnings per share for the current fiscal year.
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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