Array BioPharma (ARRY) Stock Price Down 5.5% Following Insider Selling
Array BioPharma Inc. (NASDAQ:ARRY)’s share price fell 5.5% on Tuesday after an insider sold shares in the company. The stock traded as low as $16.43 and last traded at $16.59. 3,116,743 shares changed hands during trading, a decline of 38% from the average session volume of 5,047,998 shares. The stock had previously closed at $17.56.
Specifically, CEO Ron Squarer sold 819,671 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $10.86, for a total transaction of $8,901,627.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles M. Baum sold 50,000 shares of the stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $16.90, for a total value of $845,000.00. Following the transaction, the director now owns 35,000 shares in the company, valued at $591,500. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,181,545 shares of company stock worth $13,160,221. Corporate insiders own 3.18% of the company’s stock.
ARRY has been the topic of several recent analyst reports. Stifel Nicolaus increased their target price on Array BioPharma from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. SunTrust Banks reiterated a “buy” rating and set a $20.00 target price on shares of Array BioPharma in a research report on Tuesday, February 6th. Cantor Fitzgerald set a $15.00 target price on Array BioPharma and gave the stock a “buy” rating in a research report on Tuesday, October 31st. Jefferies Group increased their target price on Array BioPharma to $13.00 and gave the stock a “buy” rating in a research report on Friday, December 22nd. Finally, BidaskClub upgraded Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $16.43.
Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings data on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.06. The company had revenue of $42.21 million for the quarter, compared to the consensus estimate of $26.81 million. Array BioPharma had a negative return on equity of 107.79% and a negative net margin of 98.51%. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the business posted ($0.14) EPS. analysts expect that Array BioPharma Inc. will post -0.9 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Northern Trust Corp raised its holdings in shares of Array BioPharma by 8.5% in the 2nd quarter. Northern Trust Corp now owns 2,130,493 shares of the biopharmaceutical company’s stock worth $17,832,000 after purchasing an additional 166,031 shares during the period. New York State Common Retirement Fund raised its holdings in shares of Array BioPharma by 6.4% in the 2nd quarter. New York State Common Retirement Fund now owns 195,300 shares of the biopharmaceutical company’s stock worth $1,635,000 after purchasing an additional 11,699 shares during the period. Nationwide Fund Advisors raised its holdings in shares of Array BioPharma by 12.8% in the 2nd quarter. Nationwide Fund Advisors now owns 125,993 shares of the biopharmaceutical company’s stock worth $1,055,000 after purchasing an additional 14,254 shares during the period. BlackRock Inc. raised its holdings in shares of Array BioPharma by 1.0% in the 2nd quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock worth $108,765,000 after purchasing an additional 125,563 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Array BioPharma by 33.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,446,775 shares of the biopharmaceutical company’s stock worth $12,109,000 after purchasing an additional 360,535 shares during the period. Institutional investors own 92.92% of the company’s stock.
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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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