Array BioPharma Inc. (NASDAQ:ARRY) major shareholder Redmile Group, Llc sold 2,492,578 shares of Array BioPharma stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $6.36, for a total value of $15,852,796.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.
Redmile Group, Llc also recently made the following trade(s):
- On Thursday, September 15th, Redmile Group, Llc acquired 400,000 shares of Array BioPharma stock. The stock was bought at an average cost of $3.51 per share, for a total transaction of $1,404,000.00.
Shares of Array BioPharma Inc. (NASDAQ:ARRY) opened at 6.75 on Friday. The stock’s 50 day moving average price is $3.93 and its 200 day moving average price is $3.50. The company’s market cap is $978.90 million. Array BioPharma Inc. has a 12-month low of $2.38 and a 12-month high of $7.27.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. Array BioPharma had a negative net margin of 67.33% and a negative return on equity of 568.67%. The business earned $43.20 million during the quarter, compared to analysts’ expectations of $41.51 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. Array BioPharma’s revenue was up 251.2% on a year-over-year basis. On average, analysts forecast that Array BioPharma Inc. will post ($0.72) EPS for the current year.
Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP acquired a new position in shares of Array BioPharma during the second quarter valued at approximately $114,000. BlackRock Inc. increased its position in shares of Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock valued at $120,000 after buying an additional 24,349 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Array BioPharma during the second quarter valued at approximately $125,000. Baxter Bros Inc. acquired a new position in shares of Array BioPharma during the second quarter valued at approximately $132,000. Finally, Virginia Retirement Systems ET AL acquired a new position in shares of Array BioPharma during the second quarter valued at approximately $181,000. Institutional investors and hedge funds own 85.92% of the company’s stock.
A number of equities analysts recently commented on the company. Stifel Nicolaus lifted their price objective on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Zacks Investment Research raised Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Tuesday, July 5th. Jefferies Group lifted their price objective on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Tuesday. Leerink Swann lifted their price objective on Array BioPharma from $6.00 to $9.00 and gave the stock an “outperform” rating in a research note on Monday, September 26th. Finally, Piper Jaffray Cos. set a $7.00 price target on Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, August 9th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $8.38.
Array BioPharma Company Profile
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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