Array Biopharma (ARRY) Price Target Increased to $29.00 by Analysts at JPMorgan Chase & Co.

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Array Biopharma (NASDAQ:ARRY) had its target price boosted by JPMorgan Chase & Co. from $18.00 to $29.00 in a research report report published on Thursday morning, The Fly reports. JPMorgan Chase & Co. currently has an overweight rating on the biopharmaceutical company’s stock.

A number of other research firms have also recently commented on ARRY. Leerink Swann started coverage on shares of Array Biopharma in a report on Thursday, January 17th. They issued an outperform rating and a $28.00 price target on the stock. Stifel Nicolaus lifted their price target on shares of Array Biopharma from $24.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, December 12th. Zacks Investment Research cut shares of Array Biopharma from a buy rating to a hold rating in a report on Monday, January 28th. BidaskClub raised shares of Array Biopharma from a hold rating to a buy rating in a report on Wednesday, January 9th. Finally, Cantor Fitzgerald set a $30.00 price target on shares of Array Biopharma and gave the stock a buy rating in a report on Tuesday, February 5th. Two analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. Array Biopharma currently has a consensus rating of Buy and an average price target of $26.50.

Shares of Array Biopharma stock traded down $0.10 during mid-day trading on Thursday, hitting $23.95. 119,568 shares of the stock were exchanged, compared to its average volume of 3,799,727. Array Biopharma has a 12 month low of $12.56 and a 12 month high of $24.56. The company has a quick ratio of 6.31, a current ratio of 6.31 and a debt-to-equity ratio of 0.46. The stock has a market cap of $5.25 billion, a P/E ratio of -32.70 and a beta of 1.48.

Array Biopharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, February 5th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.11. Array Biopharma had a negative net margin of 46.20% and a negative return on equity of 44.37%. The firm had revenue of $82.55 million for the quarter, compared to analysts’ expectations of $52.44 million. During the same quarter last year, the firm earned ($0.17) EPS. The company’s quarterly revenue was up 95.5% compared to the same quarter last year. On average, equities analysts anticipate that Array Biopharma will post -0.6 EPS for the current year.

In related news, insider Nicholas A. Saccomano sold 187,264 shares of Array Biopharma stock in a transaction that occurred on Thursday, February 7th. The shares were sold at an average price of $21.58, for a total value of $4,041,157.12. Following the completion of the transaction, the insider now directly owns 224,988 shares in the company, valued at approximately $4,855,241.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Victor Sandor sold 6,268 shares of Array Biopharma stock in a transaction that occurred on Thursday, December 27th. The shares were sold at an average price of $14.05, for a total transaction of $88,065.40. Following the completion of the transaction, the insider now owns 228,998 shares of the company’s stock, valued at $3,217,421.90. The disclosure for this sale can be found here. Insiders sold a total of 969,576 shares of company stock valued at $19,585,161 over the last quarter. 2.10% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in ARRY. FMR LLC grew its stake in Array Biopharma by 16.9% in the 4th quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock valued at $451,632,000 after buying an additional 4,591,866 shares in the last quarter. Norges Bank purchased a new position in Array Biopharma in the 4th quarter valued at approximately $27,689,000. Great Point Partners LLC purchased a new position in shares of Array Biopharma during the 4th quarter valued at $26,363,000. Fiera Capital Corp grew its position in shares of Array Biopharma by 417.3% during the 4th quarter. Fiera Capital Corp now owns 1,408,073 shares of the biopharmaceutical company’s stock valued at $20,065,000 after purchasing an additional 1,135,896 shares in the last quarter. Finally, Pictet Asset Management Ltd. grew its position in shares of Array Biopharma by 37.7% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,474,019 shares of the biopharmaceutical company’s stock valued at $37,605,000 after purchasing an additional 677,180 shares in the last quarter. Institutional investors and hedge funds own 97.09% of the company’s stock.

About Array Biopharma

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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Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

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