SunTrust Banks, Inc. Reiterates “Buy” Rating for Array BioPharma Inc. (NASDAQ:ARRY)

Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating reissued by equities researchers at SunTrust Banks, Inc. in a research note issued to investors on Wednesday, November 1st. They presently have a $16.00 price objective on the biopharmaceutical company’s stock. SunTrust Banks, Inc.’s price objective would suggest a potential upside of 41.84% from the company’s previous close. SunTrust Banks also issued estimates for Array BioPharma’s FY2020 earnings at $0.17 EPS.

A number of other research firms also recently issued reports on ARRY. Piper Jaffray Companies reiterated an “overweight” rating and set a $18.00 price target (up from $14.00) on shares of Array BioPharma in a research report on Wednesday, September 20th. Cantor Fitzgerald reissued a “buy” rating and set a $15.00 price objective on shares of Array BioPharma in a research note on Tuesday, September 26th. Stifel Nicolaus reissued a “buy” rating and set a $15.00 price objective (up from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. J P Morgan Chase & Co reissued a “buy” rating and set a $14.00 price objective on shares of Array BioPharma in a research note on Monday, September 11th. Finally, Cowen and Company reissued an “outperform” rating and set a $15.00 price objective (up from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. Array BioPharma has a consensus rating of “Buy” and a consensus price target of $13.65.

Shares of Array BioPharma (NASDAQ ARRY) traded down $0.24 during trading hours on Wednesday, reaching $11.28. 1,694,492 shares of the company were exchanged, compared to its average volume of 3,911,999. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.43 and a quick ratio of 5.43. Array BioPharma has a 1 year low of $6.73 and a 1 year high of $13.40.

Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.22). Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The company had revenue of $29.75 million during the quarter, compared to the consensus estimate of $33.74 million. During the same period last year, the firm earned ($0.20) EPS. The company’s revenue for the quarter was down 24.2% on a year-over-year basis. sell-side analysts anticipate that Array BioPharma will post -0.99 earnings per share for the current fiscal year.

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In other Array BioPharma news, Director Kyle Lefkoff sold 38,865 shares of the business’s stock in a transaction on Friday, September 29th. The shares were sold at an average price of $12.31, for a total value of $478,428.15. Following the transaction, the director now owns 51,585 shares in the company, valued at approximately $635,011.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.18% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. increased its position in shares of Array BioPharma by 3.5% in the 1st quarter. Prudential Financial Inc. now owns 17,377 shares of the biopharmaceutical company’s stock worth $155,000 after purchasing an additional 590 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Array BioPharma by 0.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 182,500 shares of the biopharmaceutical company’s stock worth $1,528,000 after purchasing an additional 630 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Array BioPharma by 8.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after purchasing an additional 972 shares during the last quarter. Ameritas Investment Partners Inc. increased its position in shares of Array BioPharma by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC increased its position in shares of Array BioPharma by 9.6% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock worth $106,000 after purchasing an additional 1,103 shares during the last quarter. 88.15% of the stock is owned by institutional investors.

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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