Cantor Fitzgerald reissued their buy rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a research report released on Monday. They currently have a $13.00 target price on the biopharmaceutical company’s stock.
ARRY has been the subject of several other research reports. Jefferies Group increased their price objective on Array BioPharma from $6.00 to $7.00 and gave the stock a buy rating in a research report on Monday, August 29th. Leerink Swann reiterated a positive rating and issued a $6.00 price objective on shares of Array BioPharma in a research report on Tuesday, August 30th. Zacks Investment Research upgraded Array BioPharma from a hold rating to a buy rating and set a $4.00 price objective for the company in a research report on Tuesday, July 5th. Piper Jaffray Cos. increased their price objective on Array BioPharma from $7.00 to $10.00 and gave the stock an overweight rating in a research report on Monday. Finally, SunTrust Banks Inc. began coverage on Array BioPharma in a report on Thursday, June 2nd. They issued a buy rating and a $7.00 target price on the stock. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Array BioPharma has a consensus rating of Buy and an average price target of $8.38.
Shares of Array BioPharma (NASDAQ:ARRY) opened at 6.24 on Monday. Array BioPharma has a one year low of $2.38 and a one year high of $7.27. The company has a 50-day moving average of $3.83 and a 200 day moving average of $3.47. The stock’s market capitalization is $904.94 million.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. The business earned $43.20 million during the quarter, compared to analysts’ expectations of $41.51 million. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The company’s revenue was up 251.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) EPS. Equities research analysts forecast that Array BioPharma will post ($0.72) earnings per share for the current fiscal year.
In related news, major shareholder Redmile Group, Llc acquired 400,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were acquired at an average price of $3.51 per share, with a total value of $1,404,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.60% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP bought a new stake in Array BioPharma during the second quarter worth approximately $114,000. BlackRock Inc. raised its stake in Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock worth $120,000 after buying an additional 24,349 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in Array BioPharma during the second quarter worth approximately $125,000. Baxter Bros Inc. bought a new stake in Array BioPharma during the second quarter worth approximately $132,000. Finally, Virginia Retirement Systems ET AL bought a new stake in Array BioPharma during the second quarter worth approximately $181,000. 85.92% of the stock is currently owned by institutional investors and hedge funds.
About Array BioPharma
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).
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