Piper Jaffray Companies Reaffirms Overweight Rating for Array BioPharma Inc. (ARRY)
Piper Jaffray Companies reissued their overweight rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a research report sent to investors on Wednesday. They currently have a $18.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $14.00.
Other research analysts also recently issued research reports about the stock. Cantor Fitzgerald increased their price target on shares of Array BioPharma from $13.00 to $15.00 and gave the company an overweight rating in a report on Monday, September 11th. BidaskClub raised shares of Array BioPharma from a strong sell rating to a sell rating in a research note on Thursday, June 22nd. Zacks Investment Research raised shares of Array BioPharma from a sell rating to a hold rating in a research note on Friday, August 11th. Cowen and Company reissued an outperform rating and issued a $15.00 price objective (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. Finally, J P Morgan Chase & Co reissued a buy rating and issued a $14.00 price objective on shares of Array BioPharma in a research note on Monday, September 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $13.10.
Shares of Array BioPharma (NASDAQ:ARRY) opened at 11.32 on Wednesday. Array BioPharma has a 1-year low of $3.45 and a 1-year high of $13.40. The company’s market cap is $1.94 billion. The stock has a 50 day moving average price of $9.34 and a 200-day moving average price of $8.78.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results 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. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The firm had revenue of $33.80 million during the quarter, compared to the consensus estimate of $28.64 million. During the same quarter last year, the firm earned ($0.17) EPS. The firm’s revenue for the quarter was down 21.8% compared to the same quarter last year. Equities research analysts forecast that Array BioPharma will post ($0.99) earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in ARRY. Russell Investments Group Ltd. lifted its stake 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 worth $1,179,000 after purchasing an additional 60,527 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in Array BioPharma by 77.0% in the first quarter. Great West Life Assurance Co. Can now owns 17,700 shares of the biopharmaceutical company’s stock worth $158,000 after purchasing an additional 7,700 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Array BioPharma by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 842,076 shares of the biopharmaceutical company’s stock worth $7,528,000 after purchasing an additional 37,974 shares during the last quarter. Swiss National Bank lifted its stake in Array BioPharma by 3.4% in the first quarter. Swiss National Bank now owns 250,000 shares of the biopharmaceutical company’s stock worth $2,235,000 after purchasing an additional 8,200 shares during the last quarter. Finally, Karp Capital Management Corp bought a new stake in Array BioPharma in the first quarter worth about $181,000. 97.59% of the stock is owned by institutional investors and hedge funds.
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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