State Street Corp increased its stake in Array BioPharma Inc. (NASDAQ:ARRY) by 28.6% during the first quarter, Holdings Channel reports. The firm owned 8,264,775 shares of the biopharmaceutical company’s stock after buying an additional 1,837,047 shares during the period. State Street Corp’s holdings in Array BioPharma were worth $73,882,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in ARRY. Canada Pension Plan Investment Board bought a new position in Array BioPharma during the first quarter valued at approximately $8,497,000. North Star Investment Management Corp. increased its position in Array BioPharma by 400.0% in the first quarter. North Star Investment Management Corp. now owns 50,000 shares of the biopharmaceutical company’s stock valued at $447,000 after buying an additional 40,000 shares during the period. Russell Investments Group Ltd. increased its position in Array BioPharma by 84.8% in the first quarter. Russell Investments Group Ltd. now owns 131,922 shares of the biopharmaceutical company’s stock valued at $1,179,000 after buying an additional 60,527 shares during the period. Acadian Asset Management LLC bought a new position in Array BioPharma during the first quarter valued at approximately $1,242,000. Finally, Fisher Asset Management LLC increased its position in Array BioPharma by 18.8% in the first quarter. Fisher Asset Management LLC now owns 78,014 shares of the biopharmaceutical company’s stock valued at $697,000 after buying an additional 12,321 shares during the period. 97.88% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Array BioPharma Inc. (NASDAQ:ARRY) opened at 8.51 on Tuesday. The stock’s market cap is $1.45 billion. The company’s 50-day moving average is $8.14 and its 200-day moving average is $9.33. Array BioPharma Inc. has a 1-year low of $3.10 and a 1-year high of $13.40.

Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by $0.05. The business had revenue of $33.28 million during the quarter, compared to the consensus estimate of $38.28 million. The business’s quarterly revenue was down 22.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.16) EPS. Equities analysts expect that Array BioPharma Inc. will post ($0.76) EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This piece was posted by Daily Political and is the sole property of of Daily Political. If you are viewing this piece on another domain, it was stolen and reposted in violation of international trademark & copyright laws. The correct version of this piece can be viewed at https://www.dailypolitical.com/2017/07/18/state-street-corp-acquires-1837047-shares-of-array-biopharma-inc-arry.html.

Several equities analysts have recently commented on the stock. Cowen and Company lowered their target price on shares of Array BioPharma to $14.00 and set an “outperform” rating on the stock in a report on Monday, March 20th. J P Morgan Chase & Co set a $9.00 target price on shares of Array BioPharma and gave the stock a “hold” rating in a report on Monday, March 20th. Vetr raised shares of Array BioPharma from a “sell” rating to a “hold” rating and set a $9.99 target price on the stock in a report on Monday, March 20th. Jefferies Group LLC reissued a “buy” rating and issued a $8.00 target price on shares of Array BioPharma in a report on Wednesday, March 29th. Finally, BidaskClub raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Thursday, June 22nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company’s stock. Array BioPharma currently has a consensus rating of “Hold” and a consensus target price of $11.54.

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).

Want to see what other hedge funds are holding ARRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Array BioPharma Inc. (NASDAQ:ARRY).

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

Receive News & Ratings for Array BioPharma Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array BioPharma Inc. and related companies with MarketBeat.com's FREE daily email newsletter.