First Light Asset Management LLC boosted its stake in Array Biopharma Inc (NASDAQ:ARRY) by 6.9% in the first quarter, HoldingsChannel.com reports. The fund owned 1,675,148 shares of the biopharmaceutical company’s stock after buying an additional 108,344 shares during the quarter. Array Biopharma makes up about 6.0% of First Light Asset Management LLC’s holdings, making the stock its 3rd biggest holding. First Light Asset Management LLC’s holdings in Array Biopharma were worth $27,338,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ARRY. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Array Biopharma by 70.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock worth $118,000 after acquiring an additional 3,834 shares during the period. QS Investors LLC purchased a new position in Array Biopharma in the 4th quarter worth approximately $134,000. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Array Biopharma by 107.9% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,614 shares of the biopharmaceutical company’s stock worth $140,000 after acquiring an additional 4,470 shares during the period. First Mercantile Trust Co. purchased a new position in Array Biopharma in the 4th quarter worth approximately $182,000. Finally, Jefferies Group LLC purchased a new position in Array Biopharma in the 4th quarter worth approximately $185,000. Hedge funds and other institutional investors own 92.50% of the company’s stock.

Shares of Array Biopharma opened at $17.90 on Thursday, according to Marketbeat. Array Biopharma Inc has a 52-week low of $7.15 and a 52-week high of $18.78. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -24.86 and a beta of 1.79. The company has a current ratio of 5.73, a quick ratio of 5.73 and a debt-to-equity ratio of 0.36.

Array Biopharma (NASDAQ:ARRY) last announced its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.11. Array Biopharma had a negative return on equity of 96.65% and a negative net margin of 72.33%. The company had revenue of $66.37 million for the quarter, compared to analyst estimates of $28.81 million. During the same period in the prior year, the company posted ($0.21) EPS. Array Biopharma’s quarterly revenue was up 99.4% on a year-over-year basis. sell-side analysts expect that Array Biopharma Inc will post -0.74 earnings per share for the current fiscal year.

A number of research firms have weighed in on ARRY. BidaskClub upgraded Array Biopharma from a “hold” rating to a “buy” rating in a report on Friday, June 8th. Zacks Investment Research lowered Array Biopharma from a “buy” rating to a “hold” rating in a research report on Monday, May 14th. ValuEngine raised Array Biopharma from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Finally, Cantor Fitzgerald set a $24.00 target price on Array Biopharma and gave the company a “buy” rating in a research report on Wednesday, May 9th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Array Biopharma presently has an average rating of “Buy” and a consensus price target of $18.00.

In other Array Biopharma news, Director Lunsen Gil J. Van sold 21,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 18th. The stock was sold at an average price of $15.19, for a total value of $326,585.00. Following the transaction, the director now directly owns 24,797 shares of the company’s stock, valued at approximately $376,666.43. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Victor Sandor sold 8,689 shares of the company’s stock in a transaction that occurred on Tuesday, April 3rd. The shares were sold at an average price of $15.35, for a total value of $133,376.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,189 shares of company stock worth $1,150,541. 3.18% of the stock is currently owned by corporate insiders.

Array Biopharma Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific. The company's drugs in Phase III clinical trials include Binimetinib, Encorafenib, Selumetinib, and Ipatasertib/GDC-0068 for the treatment of cancer, as well as ASC08/Danoprevir to treat hepatitis C virus.

Want to see what other hedge funds are holding ARRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Array Biopharma Inc (NASDAQ:ARRY).

Institutional Ownership by Quarter for Array Biopharma (NASDAQ:ARRY)

Receive News & Ratings for Array Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.