Reynders McVeigh Capital Management LLC Invests $273,000 in Array Biopharma Inc (NASDAQ:ARRY)

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Reynders McVeigh Capital Management LLC bought a new position in Array Biopharma Inc (NASDAQ:ARRY) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 5,900 shares of the biopharmaceutical company’s stock, valued at approximately $273,000.

Several other institutional investors have also recently added to or reduced their stakes in ARRY. Kellner Capital LLC purchased a new position in Array Biopharma during the 2nd quarter valued at about $3,841,000. CIBC Asset Management Inc acquired a new stake in Array Biopharma during the 2nd quarter valued at approximately $345,000. State Board of Administration of Florida Retirement System lifted its stake in Array Biopharma by 16.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 117,014 shares of the biopharmaceutical company’s stock valued at $5,421,000 after acquiring an additional 16,300 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in Array Biopharma during the 2nd quarter valued at approximately $25,184,000. Finally, Gamco Investors INC. ET AL acquired a new stake in Array Biopharma during the 2nd quarter valued at approximately $5,453,000.

Shares of ARRY remained flat at $$47.85 during mid-day trading on Friday. 206,500 shares of the company were exchanged, compared to its average volume of 4,985,577. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.65 and a current ratio of 5.70. Array Biopharma Inc has a 12-month low of $12.56 and a 12-month high of $47.98. The company has a 50-day moving average of $47.36 and a two-hundred day moving average of $31.81. The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of -65.55 and a beta of 1.70.

In related news, insider Victor Sandor sold 15,728 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $27.50, for a total value of $432,520.00. Following the completion of the sale, the insider now owns 225,271 shares of the company’s stock, valued at $6,194,952.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 126,777 shares of company stock valued at $3,451,801 in the last three months. 2.10% of the stock is currently owned by insiders.

Several equities analysts recently issued reports on ARRY shares. Goldman Sachs Group boosted their target price on shares of Array Biopharma from $27.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. SunTrust Banks cut shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Zacks Investment Research raised shares of Array Biopharma from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a report on Friday, May 10th. Leerink Swann lowered shares of Array Biopharma from an “outperform” rating to a “market perform” rating and boosted their price target for the stock from $32.00 to $46.25 in a report on Tuesday, June 18th. Finally, Cantor Fitzgerald lowered shares of Array Biopharma from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $34.00 to $48.00 in a report on Monday, July 8th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Array Biopharma has a consensus rating of “Hold” and an average price target of $37.13.

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.

Further Reading: Are all No-Load Funds Equal?

Institutional Ownership by Quarter for Array Biopharma (NASDAQ:ARRY)

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