Trade Report: Today, Array BioPharma Inc. (ARRY) Given Average Recommendation of “Buy” by Brokerages

Today, Array BioPharma Inc. (ARRY) Given Average Recommendation of “Buy” by Brokerages

Shares of Array BioPharma Inc. (NASDAQ:ARRY) have received an average rating of “Buy” from the nine analysts that are presently covering the stock. One investment analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokers that have covered the stock in the last year is $9.13.

A number of equities research analysts have commented on ARRY shares. Zacks Investment Research downgraded Array BioPharma from a “hold” rating to a “sell” rating in a research report on Tuesday, October 4th. Piper Jaffray Cos. set a $7.00 price objective on Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, August 9th. Stifel Nicolaus lifted their price objective on Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Leerink Swann reaffirmed a “positive” rating and issued a $6.00 price objective on shares of Array BioPharma in a research note on Tuesday, August 30th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $8.00 price objective (up from $6.00) on shares of Array BioPharma in a research note on Tuesday, September 27th.

Shares of Array BioPharma (NASDAQ:ARRY) opened at 8.00 on Tuesday. The stock’s market capitalization is $1.35 billion. Array BioPharma has a 1-year low of $2.38 and a 1-year high of $8.19. The firm has a 50-day moving average price of $6.60 and a 200-day moving average price of $4.50.

Array BioPharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, November 1st. The biopharmaceutical company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.16) by $0.04. Array BioPharma had a negative net margin of 62.42% and a negative return on equity of 568.67%. The business earned $39.30 million during the quarter, compared to analysts’ expectations of $32.47 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. Array BioPharma’s revenue for the quarter was up 142.4% compared to the same quarter last year. On average, equities research analysts forecast that Array BioPharma will post ($0.77) earnings per share for the current year.

In related news, major shareholder Redmile Group, Llc sold 2,492,578 shares of the business’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $6.36, for a total transaction of $15,852,796.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARRY. Goldman Sachs Group Inc. boosted its position in Array BioPharma by 48.7% in the first quarter. Goldman Sachs Group Inc. now owns 568,890 shares of the biopharmaceutical company’s stock valued at $1,679,000 after buying an additional 186,220 shares in the last quarter. Panagora Asset Management Inc. boosted its position in Array BioPharma by 114.6% in the first quarter. Panagora Asset Management Inc. now owns 1,676,754 shares of the biopharmaceutical company’s stock valued at $4,946,000 after buying an additional 895,303 shares in the last quarter. Baxter Bros Inc. acquired a new position in Array BioPharma during the second quarter valued at about $132,000. Nisa Investment Advisors LLC boosted its position in Array BioPharma by 2,129.6% in the second quarter. Nisa Investment Advisors LLC now owns 60,200 shares of the biopharmaceutical company’s stock valued at $214,000 after buying an additional 57,500 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. boosted its position in Array BioPharma by 28.8% in the second quarter. Candriam Luxembourg S.C.A. now owns 849,000 shares of the biopharmaceutical company’s stock valued at $3,023,000 after buying an additional 190,000 shares in the last quarter. 74.56% of the stock is owned by hedge funds and other institutional investors.

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