Franklin Resources Inc. raised its holdings in shares of Array Biopharma Inc (NASDAQ:ARRY) by 12.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 9,169,836 shares of the biopharmaceutical company’s stock after purchasing an additional 979,072 shares during the period. Franklin Resources Inc.’s holdings in Array Biopharma were worth $117,374,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of ARRY. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Array Biopharma by 70.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock valued at $118,000 after purchasing an additional 3,834 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Array Biopharma by 71.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 18,317 shares of the biopharmaceutical company’s stock valued at $153,000 after purchasing an additional 7,661 shares during the period. Quantitative Systematic Strategies LLC purchased a new position in Array Biopharma during the 4th quarter valued at about $169,000. First Mercantile Trust Co. purchased a new position in Array Biopharma during the 4th quarter valued at about $182,000. Finally, Jefferies Group LLC purchased a new position in Array Biopharma during the 4th quarter valued at about $185,000. 96.43% of the stock is currently owned by institutional investors and hedge funds.
ARRY has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Array Biopharma from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Leerink Swann raised shares of Array Biopharma from a “market perform” rating to an “outperform” rating in a research report on Monday, January 22nd. Jefferies Group lifted their price objective on shares of Array Biopharma to $13.00 and gave the stock a “buy” rating in a research report on Friday, December 22nd. BidaskClub downgraded shares of Array Biopharma from a “hold” rating to a “sell” rating in a research report on Saturday, December 2nd. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Array Biopharma in a research report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $16.43.
Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.06. Array Biopharma had a negative net margin of 98.51% and a negative return on equity of 107.79%. The firm had revenue of $42.21 million for the quarter, compared to the consensus estimate of $26.81 million. During the same quarter in the previous year, the firm earned ($0.14) EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. sell-side analysts forecast that Array Biopharma Inc will post -0.87 EPS for the current year.
In related news, Director Lunsen Gil J. Van sold 21,500 shares of Array Biopharma stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $17.16, for a total value of $368,940.00. Following the completion of the sale, the director now directly owns 32,797 shares in the company, valued at approximately $562,796.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Victor Sandor sold 156,016 shares of Array Biopharma stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $17.71, for a total transaction of $2,763,043.36. The disclosure for this sale can be found here. Insiders sold a total of 1,359,061 shares of company stock valued at $16,292,205 over the last quarter. 3.18% of the stock is owned by company insiders.
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Array Biopharma Company Profile
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).
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