Array BioPharma Inc. (ARRY) Earns Overweight Rating from Piper Jaffray Companies
Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “overweight” rating reissued by investment analysts at Piper Jaffray Companies in a report issued on Wednesday. They currently have a $18.00 price objective on the biopharmaceutical company’s stock. Piper Jaffray Companies’ price objective indicates a potential upside of 56.25% from the stock’s previous close.
Several other brokerages also recently weighed in on ARRY. Stifel Nicolaus reiterated a “buy” rating and set a $15.00 target price (up previously from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. J P Morgan Chase & Co reiterated a “buy” rating and set a $14.00 target price on shares of Array BioPharma in a research note on Monday, September 11th. Cantor Fitzgerald increased their target price on shares of Array BioPharma from $13.00 to $15.00 and gave the stock an “overweight” rating in a research note on Monday, September 11th. Cowen and Company reiterated an “outperform” rating and set a $15.00 target price (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. Finally, BidaskClub upgraded shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $13.10.
Array BioPharma (ARRY) opened at 11.52 on Wednesday. Array BioPharma has a 1-year low of $3.45 and a 1-year high of $13.40. The stock’s market cap is $1.98 billion. The firm’s 50 day moving average price is $9.34 and its 200-day moving average price is $8.78.
Array BioPharma (NASDAQ:ARRY) last announced its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The business had revenue of $33.80 million during the quarter, compared to the consensus estimate of $28.64 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. The business’s quarterly revenue was down 21.8% compared to the same quarter last year. On average, equities analysts anticipate that Array BioPharma will post ($0.99) earnings per share for the current year.
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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Knott David M purchased a new position in Array BioPharma during the first quarter worth about $107,000. Quantitative Systematic Strategies LLC raised its holdings 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 worth $106,000 after purchasing an additional 1,103 shares in the last quarter. Teacher Retirement System of Texas raised its holdings 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 worth $107,000 after purchasing an additional 972 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Array BioPharma during the second quarter worth about $110,000. Finally, Quantbot Technologies LP raised its holdings in Array BioPharma by 10.9% during the first quarter. Quantbot Technologies LP now owns 14,523 shares of the biopharmaceutical company’s stock worth $129,000 after purchasing an additional 1,423 shares in the last quarter. 97.59% of the stock is owned by hedge funds and other 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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