Array BioPharma (ARRY) Upgraded to Outperform at Leerink Swann

Leerink Swann upgraded shares of Array BioPharma (NASDAQ:ARRY) from a market perform rating to an outperform rating in a research note published on Monday morning, MarketBeat reports. Leerink Swann also issued estimates for Array BioPharma’s Q3 2018 earnings at ($0.23) EPS, Q4 2018 earnings at ($0.33) EPS, FY2018 earnings at ($1.03) EPS, FY2019 earnings at ($0.74) EPS and FY2020 earnings at ($0.41) EPS.

A number of other research firms also recently issued reports on ARRY. Zacks Investment Research downgraded Array BioPharma from a hold rating to a sell rating in a research note on Thursday, January 4th. Cantor Fitzgerald set a $15.00 price objective on Array BioPharma and gave the stock a buy rating in a research note on Wednesday, January 3rd. Stifel Nicolaus lifted their price objective on Array BioPharma from $15.00 to $20.00 and gave the stock a buy rating in a research note on Monday. Jefferies Group lifted their price objective on Array BioPharma to $13.00 and gave the stock a buy rating in a research note on Friday, December 22nd. Finally, BidaskClub upgraded Array BioPharma from a sell rating to a hold rating in a report on Friday, December 22nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $14.65.

Shares of Array BioPharma (NASDAQ ARRY) opened at $14.75 on Monday. The company has a quick ratio of 5.43, a current ratio of 5.43 and a debt-to-equity ratio of 0.54. Array BioPharma has a 12 month low of $6.73 and a 12 month high of $16.36. The stock has a market capitalization of $2,910.00, a P/E ratio of -19.93 and a beta of 1.91.

Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $33.74 million. During the same quarter in the previous year, the company posted ($0.20) EPS. The company’s revenue was down 24.2% compared to the same quarter last year. sell-side analysts expect that Array BioPharma will post -0.99 earnings per share for the current year.

In other news, Director Lunsen Gil J. Van sold 21,500 shares of Array BioPharma stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $12.94, for a total value of $278,210.00. Following the completion of the transaction, the director now owns 34,297 shares in the company, valued at approximately $443,803.18. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Andrew R. Robbins sold 282,874 shares of Array BioPharma stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $10.72, for a total value of $3,032,409.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,131,545 shares of company stock valued at $12,315,221. Company insiders own 3.18% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Fisher Asset Management LLC boosted its holdings in shares of Array BioPharma by 20.3% in the 4th quarter. Fisher Asset Management LLC now owns 161,433 shares of the biopharmaceutical company’s stock worth $2,066,000 after purchasing an additional 27,253 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Array BioPharma by 22.1% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 961,894 shares of the biopharmaceutical company’s stock worth $12,313,000 after purchasing an additional 173,892 shares during the period. North Star Investment Management Corp. boosted its holdings in shares of Array BioPharma by 26.0% in the 4th quarter. North Star Investment Management Corp. now owns 63,000 shares of the biopharmaceutical company’s stock worth $806,000 after purchasing an additional 13,000 shares during the period. 683 Capital Management LLC purchased a new position in Array BioPharma during the 3rd quarter valued at $6,150,000. Finally, Neuberger Berman Group LLC purchased a new position in Array BioPharma during the 3rd quarter valued at $775,000. Hedge funds and other institutional investors own 98.14% of the company’s stock.

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Array BioPharma Company Profile

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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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