Trade Report: The 9,300 Shares of Array BioPharma Inc. (ARRY) are sold by California Public Employees Retirement System

The 9,300 Shares of Array BioPharma Inc. (ARRY) are sold by California Public Employees Retirement System

California Public Employees Retirement System decreased its position in Array BioPharma Inc. (NASDAQ:ARRY) by 3.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 297,700 shares of the biopharmaceutical company’s stock after selling 9,300 shares during the period. California Public Employees Retirement System owned 0.21% of Array BioPharma worth $1,060,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Baxter Bros Inc. bought a new position in shares of Array BioPharma during the second quarter worth $132,000. Nisa Investment Advisors LLC increased its position in shares of 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 worth $214,000 after buying an additional 57,500 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Array BioPharma by 1.0% in the first quarter. Metropolitan Life Insurance Co. NY now owns 98,187 shares of the biopharmaceutical company’s stock worth $290,000 after buying an additional 927 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Array BioPharma by 1.4% in the second quarter. California State Teachers Retirement System now owns 302,901 shares of the biopharmaceutical company’s stock worth $1,078,000 after buying an additional 4,134 shares during the last quarter. Finally, Spark Investment Management LLC increased its position in shares of Array BioPharma by 2,415.5% in the first quarter. Spark Investment Management LLC now owns 550,900 shares of the biopharmaceutical company’s stock worth $1,625,000 after buying an additional 529,000 shares during the last quarter. 76.88% of the stock is currently owned by institutional investors and hedge funds.

Array BioPharma Inc. (NASDAQ:ARRY) traded down 0.46% during mid-day trading on Monday, reaching $6.56. The company’s stock had a trading volume of 1,172,068 shares. The company has a 50 day moving average of $4.87 and a 200-day moving average of $3.77. Array BioPharma Inc. has a 52-week low of $2.38 and a 52-week high of $7.27. The stock’s market cap is $951.34 million.

Array BioPharma (NASDAQ:ARRY) last announced its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. The company had revenue of $43.20 million for the quarter, compared to the consensus estimate of $41.51 million. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The firm’s revenue for the quarter was up 251.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.09) earnings per share. Equities analysts forecast that Array BioPharma Inc. will post ($0.72) earnings per share for the current year.

A number of research analysts recently weighed in on the company. Jefferies Group raised their price objective on Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Tuesday, September 27th. Zacks Investment Research raised Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Tuesday, July 5th. Cantor Fitzgerald reissued a “buy” rating and issued a $13.00 price objective on shares of Array BioPharma in a research note on Monday, September 26th. JPMorgan Chase & Co. reissued 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. Finally, Leerink Swann raised their price objective on Array BioPharma from $6.00 to $9.00 and gave the company an “outperform” rating in a research note on Monday, September 26th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. Array BioPharma currently has an average rating of “Buy” and a consensus price target of $8.38.

In related news, major shareholder Redmile Group, Llc bought 400,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was acquired at an average cost of $3.51 per share, with a total value of $1,404,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Array BioPharma Company Profile

Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).

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