Array BioPharma Inc. (ARRY) Earns “Buy” Rating from SunTrust Banks, Inc.
SunTrust Banks, Inc. reaffirmed their buy rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a research note issued to investors on Wednesday morning. SunTrust Banks, Inc. currently has a $16.00 price objective on the biopharmaceutical company’s stock. SunTrust Banks also issued estimates for Array BioPharma’s FY2020 earnings at $0.17 EPS.
A number of other research firms also recently issued reports on ARRY. Piper Jaffray Companies reissued an overweight rating and issued a $18.00 target price (up from $14.00) on shares of Array BioPharma in a research report on Wednesday, September 20th. Cantor Fitzgerald reissued a buy rating and issued a $15.00 target price on shares of Array BioPharma in a research report on Tuesday, September 26th. Stifel Nicolaus reaffirmed a buy rating and issued a $15.00 price target (up from $13.00) on shares of Array BioPharma in a report on Monday, September 11th. J P Morgan Chase & Co reaffirmed a buy rating and issued a $14.00 price target on shares of Array BioPharma in a report on Monday, September 11th. Finally, Cowen and Company reaffirmed an outperform rating and issued a $15.00 price target (up from $14.00) on shares of Array BioPharma in a report on Monday, September 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Array BioPharma currently has a consensus rating of Buy and a consensus target price of $13.65.
Array BioPharma (NASDAQ:ARRY) traded up $0.29 during trading hours on Wednesday, reaching $11.13. The company’s stock had a trading volume of 1,640,262 shares, compared to its average volume of 2,888,433. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.43 and a quick ratio of 3.88. Array BioPharma has a twelve month low of $5.58 and a twelve month high of $13.40.
Array BioPharma (NASDAQ:ARRY) last released its earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.22). Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The business had revenue of $29.75 million during the quarter, compared to the consensus estimate of $33.74 million. During the same period last year, the business posted ($0.20) earnings per share. The business’s revenue for the quarter was down 24.2% on a year-over-year basis. equities research analysts predict that Array BioPharma will post -0.99 EPS for the current fiscal year.
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In related news, Director Kyle Lefkoff sold 38,865 shares of Array BioPharma stock in a transaction on Friday, September 29th. The stock was sold at an average price of $12.31, for a total transaction of $478,428.15. Following the completion of the sale, the director now owns 51,585 shares of the company’s stock, valued at $635,011.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.18% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. bought a new stake in Array BioPharma during the third quarter valued at $146,000. Quantitative Systematic Strategies LLC boosted its stake in Array BioPharma by 9.6% during the second quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after buying an additional 1,103 shares during the period. Teacher Retirement System of Texas boosted its stake in Array BioPharma by 8.3% during the second quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 972 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Array BioPharma during the second quarter valued at $110,000. Finally, Edge Wealth Management LLC bought a new stake in Array BioPharma during the third quarter valued at $185,000. 85.61% of the stock is owned by institutional investors.
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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