Array BioPharma’s (ARRY) Outperform Rating Reaffirmed at Cowen and Company
Cowen and Company restated their outperform rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a report issued on Monday. They currently have a $15.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $14.00.
A number of other brokerages have also commented on ARRY. J P Morgan Chase & Co reissued a buy rating and set a $14.00 price objective on shares of Array BioPharma in a report on Monday. Stifel Nicolaus reissued a buy rating and set a $15.00 price objective (up previously from $13.00) on shares of Array BioPharma in a report on Monday. Cantor Fitzgerald increased their price objective on Array BioPharma from $13.00 to $15.00 and gave the company an overweight rating in a report on Monday. BidaskClub raised Array BioPharma from a strong sell rating to a sell rating in a report on Friday, August 25th. Finally, Jefferies Group LLC set a $9.00 price objective on Array BioPharma and gave the company a buy rating in a report on Friday, August 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Array BioPharma presently has an average rating of Buy and a consensus price target of $12.65.
Array BioPharma (NASDAQ:ARRY) opened at 10.80 on Monday. The company’s 50-day moving average price is $9.03 and its 200 day moving average price is $8.83. The firm’s market capitalization is $1.85 billion. Array BioPharma has a 52-week low of $3.45 and a 52-week high of $13.40.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.04. The business had revenue of $33.80 million for the quarter, compared to analyst estimates of $28.64 million. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The firm’s revenue for the quarter was down 21.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) EPS. Equities research analysts predict that Array BioPharma will post ($0.99) earnings per share for the current year.
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A number of large investors have recently made changes to their positions in ARRY. Acadian Asset Management LLC bought a new stake in Array BioPharma during the 1st quarter valued at approximately $1,242,000. Russell Investments Group Ltd. boosted its stake in Array BioPharma by 84.8% during the 1st quarter. Russell Investments Group Ltd. now owns 131,922 shares of the biopharmaceutical company’s stock valued at $1,179,000 after purchasing an additional 60,527 shares during the period. Great West Life Assurance Co. Can boosted its stake in Array BioPharma by 77.0% during the 1st quarter. Great West Life Assurance Co. Can now owns 17,700 shares of the biopharmaceutical company’s stock valued at $158,000 after purchasing an additional 7,700 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Array BioPharma by 35.1% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 94,600 shares of the biopharmaceutical company’s stock valued at $859,000 after purchasing an additional 24,600 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in Array BioPharma by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 842,076 shares of the biopharmaceutical company’s stock valued at $7,528,000 after purchasing an additional 37,974 shares during the period. Hedge funds and other institutional investors own 97.60% of the company’s stock.
About Array BioPharma
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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