Array BioPharma (ARRY) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Array BioPharma (NASDAQ:ARRY) from a sell rating to a hold rating in a report published on Friday morning.
According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “
Other equities analysts have also recently issued reports about the company. SunTrust Banks reissued a buy rating and issued a $16.00 price target on shares of Array BioPharma in a report on Wednesday, November 1st. Stifel Nicolaus reissued a buy rating on shares of Array BioPharma in a report on Wednesday, November 1st. Cantor Fitzgerald set a $15.00 price target on Array BioPharma and gave the stock a buy rating in a report on Tuesday, October 31st. Jefferies Group boosted their price target on Array BioPharma to $13.00 and gave the stock a buy rating in a report on Friday, December 22nd. Finally, BidaskClub raised Array BioPharma from a sell rating to a hold rating in a research report on Friday, December 22nd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Array BioPharma currently has a consensus rating of Buy and an average price target of $16.43.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.06. Array BioPharma had a negative return on equity of 107.79% and a negative net margin of 98.51%. The company had revenue of $42.21 million during the quarter, compared to analysts’ expectations of $26.81 million. During the same period in the previous year, the firm posted ($0.14) earnings per share. The business’s revenue for the quarter was down 5.2% compared to the same quarter last year. equities research analysts anticipate that Array BioPharma will post -0.9 EPS for the current year.
In other news, CFO Jason Haddock sold 7,500 shares of Array BioPharma stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $13.73, for a total value of $102,975.00. Following the completion of the sale, the chief financial officer now owns 36,368 shares of the company’s stock, valued at $499,332.64. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles M. Baum sold 50,000 shares of Array BioPharma stock in a transaction on Friday, February 9th. The shares were sold at an average price of $16.90, for a total value of $845,000.00. Following the completion of the sale, the director now directly owns 35,000 shares of the company’s stock, valued at approximately $591,500. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,181,545 shares of company stock valued at $13,160,221. Company insiders own 3.18% of the company’s stock.
Large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Array BioPharma by 70.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock valued at $118,000 after acquiring an additional 3,834 shares during the period. Ameritas Investment Partners Inc. grew its position in Array BioPharma by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after acquiring an additional 1,012 shares during the period. Fox Run Management L.L.C. purchased a new stake in Array BioPharma during the third quarter valued at about $146,000. Raymond James Financial Services Advisors Inc. grew its position in Array BioPharma by 71.9% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 18,317 shares of the biopharmaceutical company’s stock valued at $153,000 after acquiring an additional 7,661 shares during the period. Finally, Prudential Financial Inc. grew its position in Array BioPharma by 9.1% during the second quarter. Prudential Financial Inc. now owns 18,957 shares of the biopharmaceutical company’s stock valued at $159,000 after acquiring an additional 1,580 shares during the period. 92.92% of the stock is owned by institutional investors and hedge funds.
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).
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