JPMorgan Chase & Co. Raises Array Biopharma (ARRY) Price Target to $29.00
Array Biopharma (NASDAQ:ARRY) had its price target hoisted by JPMorgan Chase & Co. from $18.00 to $29.00 in a research report sent to investors on Thursday morning, The Fly reports. The firm currently has an overweight rating on the biopharmaceutical company’s stock.
ARRY has been the subject of several other reports. Stifel Nicolaus increased their price objective on Array Biopharma from $24.00 to $26.00 and gave the stock a buy rating in a report on Wednesday, December 12th. Goldman Sachs Group began coverage on Array Biopharma in a report on Thursday, December 13th. They set a neutral rating and a $20.00 price objective for the company. Zacks Investment Research upgraded Array Biopharma from a hold rating to a strong-buy rating and set a $16.00 price objective for the company in a report on Tuesday, January 1st. BidaskClub upgraded Array Biopharma from a hold rating to a buy rating in a report on Wednesday, January 9th. Finally, Piper Jaffray Companies reiterated a positive rating and set a $28.00 price objective on shares of Array Biopharma in a report on Tuesday, January 15th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus target price of $26.50.
ARRY opened at $23.64 on Thursday. The firm has a market capitalization of $5.16 billion, a PE ratio of -32.38 and a beta of 1.48. Array Biopharma has a 12-month low of $12.56 and a 12-month high of $24.56. The company has a quick ratio of 6.31, a current ratio of 6.31 and a debt-to-equity ratio of 0.46.
In other Array Biopharma news, insider Victor Sandor sold 6,268 shares of the 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. Following the transaction, the insider now directly owns 228,998 shares of the company’s stock, valued at $3,217,421.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Carrie Smith Cox bought 5,000 shares of the stock in a transaction on Tuesday, February 19th. The shares were acquired at an average cost of $23.20 per share, for a total transaction of $116,000.00. Following the completion of the transaction, the director now directly owns 8,000 shares of the company’s stock, valued at $185,600. The disclosure for this purchase can be found here. Insiders have sold 969,576 shares of company stock worth $19,585,161 over the last three months. Company insiders own 2.10% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ARRY. FMR LLC increased its position in Array Biopharma by 16.9% during the fourth quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock worth $451,632,000 after buying an additional 4,591,866 shares during the last quarter. Norges Bank acquired a new position in Array Biopharma during the fourth quarter worth $27,689,000. Great Point Partners LLC acquired a new position in Array Biopharma during the fourth quarter worth $26,363,000. Fiera Capital Corp increased its position in Array Biopharma by 417.3% during the fourth quarter. Fiera Capital Corp now owns 1,408,073 shares of the biopharmaceutical company’s stock worth $20,065,000 after buying an additional 1,135,896 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased its position in Array Biopharma by 37.7% during the third 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. 97.09% of the stock is currently owned by hedge funds and other institutional investors.
Array Biopharma Company Profile
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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