Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating restated by equities research analysts at SunTrust Banks, Inc. in a report released on Wednesday, November 1st. They currently have a $16.00 price target on the biopharmaceutical company’s stock. SunTrust Banks, Inc.’s price target would suggest a potential upside of 53.84% from the stock’s current price. SunTrust Banks also issued estimates for Array BioPharma’s FY2020 earnings at $0.17 EPS.
A number of other equities research analysts have also recently weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating on shares of Array BioPharma in a research note on Wednesday, November 1st. Cantor Fitzgerald set a $15.00 price objective on Array BioPharma and gave the company a “buy” rating in a research note on Tuesday, October 31st. Piper Jaffray Companies reissued an “overweight” rating and set a $18.00 target price (up from $14.00) on shares of Array BioPharma in a research note on Wednesday, September 20th. Jefferies Group LLC reissued a “buy” rating and set a $9.00 target price on shares of Array BioPharma in a research note on Tuesday, September 12th. Finally, Cowen and Company reissued an “outperform” rating and set a $15.00 target price (up from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $13.65.
Array BioPharma (NASDAQ ARRY) traded down $0.21 during trading on Wednesday, reaching $10.40. The company had a trading volume of 1,008,218 shares, compared to its average volume of 3,919,389. The company has a current ratio of 5.43, a quick ratio of 5.43 and a debt-to-equity ratio of 0.54. Array BioPharma has a 12-month low of $6.54 and a 12-month high of $13.40.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, meeting the 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 company had revenue of $29.75 million for the quarter, compared to analyst estimates of $33.74 million. During the same period last year, the company earned ($0.20) earnings per share. Array BioPharma’s quarterly revenue was down 24.2% compared to the same quarter last year. research analysts anticipate that Array BioPharma will post -0.99 earnings per share for the current fiscal year.
In related news, Director Kyle Lefkoff sold 38,865 shares of the company’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $12.31, for a total value of $478,428.15. Following the sale, the director now owns 51,585 shares in the company, valued at approximately $635,011.35. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.18% of the company’s stock.
A number of large investors have recently made changes to their positions in ARRY. BlackRock Inc. grew its holdings in Array BioPharma by 38,275.2% during the 1st quarter. BlackRock Inc. now owns 12,869,137 shares of the biopharmaceutical company’s stock valued at $115,049,000 after buying an additional 12,835,602 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Array BioPharma by 56.8% during the 1st quarter. Vanguard Group Inc. now owns 16,993,415 shares of the biopharmaceutical company’s stock worth $151,921,000 after purchasing an additional 6,156,120 shares during the period. Franklin Resources Inc. lifted its stake in shares of Array BioPharma by 48.4% during the 2nd quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock worth $74,920,000 after purchasing an additional 2,918,156 shares during the period. State Street Corp lifted its stake in shares of Array BioPharma by 28.6% during the 1st quarter. State Street Corp now owns 8,264,775 shares of the biopharmaceutical company’s stock worth $73,882,000 after purchasing an additional 1,837,047 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Array BioPharma by 149.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,086,240 shares of the biopharmaceutical company’s stock worth $9,711,000 after buying an additional 651,057 shares during the period. Hedge funds and other institutional investors own 85.35% of the company’s stock.
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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