Shares of Array Biopharma Inc (NASDAQ:ARRY) hit a new 52-week high during trading on Wednesday . The stock traded as high as $23.95 and last traded at $23.78, with a volume of 156844 shares. The stock had previously closed at $23.39.
ARRY has been the subject of several analyst reports. Cantor Fitzgerald set a $30.00 price objective on Array Biopharma and gave the stock a “buy” rating in a research note on Tuesday, February 5th. Zacks Investment Research downgraded Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday, January 21st. BidaskClub raised Array Biopharma from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. Piper Jaffray Companies reissued a “positive” rating and issued a $28.00 price objective on shares of Array Biopharma in a research note on Tuesday, January 15th. Finally, Goldman Sachs Group initiated coverage on Array Biopharma in a research note on Thursday, December 13th. They issued a “neutral” rating and a $20.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. Array Biopharma currently has an average rating of “Buy” and a consensus price target of $26.50.
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 -32.95 and a beta of 1.48.
In other Array Biopharma news, COO Andrew R. Robbins sold 239,626 shares of the stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $20.03, for a total transaction of $4,799,708.78. Following the completion of the transaction, the chief operating officer now directly owns 212,120 shares of the company’s stock, valued at $4,248,763.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carrie Smith Cox acquired 5,000 shares of Array Biopharma stock in a transaction on Tuesday, February 19th. The shares were purchased at an average cost of $23.20 per share, with a total value of $116,000.00. Following the completion of the acquisition, the director now owns 8,000 shares of the company’s stock, valued at approximately $185,600. The disclosure for this purchase can be found here. Insiders have sold 969,576 shares of company stock valued at $19,585,161 over the last ninety days. 2.10% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in shares of Array Biopharma by 16.9% in the fourth quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock worth $451,632,000 after acquiring an additional 4,591,866 shares during the period. Norges Bank bought a new position in shares of Array Biopharma in the fourth quarter worth $27,689,000. Great Point Partners LLC purchased a new stake in shares of Array Biopharma in the fourth quarter worth $26,363,000. Fiera Capital Corp raised its position in shares of Array Biopharma by 417.3% in the fourth quarter. Fiera Capital Corp now owns 1,408,073 shares of the biopharmaceutical company’s stock worth $20,065,000 after buying an additional 1,135,896 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its position in shares of Array Biopharma by 37.7% in the third quarter. Pictet Asset Management Ltd. now owns 2,474,019 shares of the biopharmaceutical company’s stock worth $37,605,000 after buying an additional 677,180 shares in the last quarter. 97.09% of the stock is owned by institutional investors and hedge funds.
Array Biopharma Company Profile (NASDAQ:ARRY)
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.
Further Reading: Cost of Debt
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