Array Biopharma Inc (ARRY) Receives Consensus Rating of “Buy” from Analysts
Shares of Array Biopharma Inc (NASDAQ:ARRY) have been given an average rating of “Buy” by the twelve brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold recommendation, nine have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $25.38.
Several research firms have commented on ARRY. Zacks Investment Research upgraded shares of Array Biopharma from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a report on Wednesday, January 23rd. Cowen set a $22.00 price target on shares of Array Biopharma and gave the stock a “buy” rating in a report on Wednesday, October 31st. BidaskClub upgraded shares of Array Biopharma from a “buy” rating to a “strong-buy” rating in a report on Friday. Piper Jaffray Companies restated a “positive” rating and issued a $28.00 target price on shares of Array Biopharma in a report on Tuesday, January 15th. Finally, Cantor Fitzgerald set a $30.00 target price on shares of Array Biopharma and gave the company a “buy” rating in a report on Tuesday, February 5th.
NASDAQ ARRY traded down $0.20 on Wednesday, hitting $21.61. 221,974 shares of the stock were exchanged, compared to its average volume of 4,191,639. The company has a quick ratio of 6.31, a current ratio of 6.31 and a debt-to-equity ratio of 0.46. Array Biopharma has a fifty-two week low of $12.56 and a fifty-two week high of $22.80. The stock has a market capitalization of $4.76 billion, a PE ratio of -29.51 and a beta of 1.37.
In related news, COO Andrew R. Robbins sold 239,626 shares of the company’s stock in a transaction on Wednesday, February 6th. The shares were sold at an average price of $20.03, for a total value of $4,799,708.78. Following the completion of the sale, the chief operating officer now owns 212,120 shares in the company, valued at approximately $4,248,763.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Victor Sandor sold 6,268 shares of the company’s stock in a transaction on Thursday, December 27th. The shares were sold at an average price of $14.05, for a total transaction of $88,065.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,084,761 shares of company stock valued at $21,452,310. Company insiders own 2.10% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ARRY. FMR LLC raised its position in Array Biopharma by 11.1% in the 3rd quarter. FMR LLC now owns 27,101,636 shares of the biopharmaceutical company’s stock valued at $411,945,000 after purchasing an additional 2,711,240 shares during the last quarter. Peregrine Capital Management LLC purchased a new position in Array Biopharma during the 3rd quarter worth $17,000,000. Pictet Asset Management Ltd. raised its position in Array Biopharma by 37.7% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,474,019 shares of the biopharmaceutical company’s stock worth $37,605,000 after buying an additional 677,180 shares during the last quarter. Candriam Luxembourg S.C.A. raised its position in Array Biopharma by 80.2% during the 3rd quarter. Candriam Luxembourg S.C.A. now owns 1,351,188 shares of the biopharmaceutical company’s stock worth $20,538,000 after buying an additional 601,300 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Array Biopharma by 19.4% during the 3rd quarter. American Century Companies Inc. now owns 3,116,886 shares of the biopharmaceutical company’s stock worth $47,377,000 after buying an additional 506,146 shares during the last quarter. Hedge funds and other institutional investors own 95.14% of the company’s stock.
About Array Biopharma
Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.
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