J P Morgan Chase & Co Reaffirms “Buy” Rating for Array BioPharma Inc. (ARRY)

Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating restated by research analysts at J P Morgan Chase & Co in a research note issued to investors on Monday, September 11th. They currently have a $14.00 price objective on the biopharmaceutical company’s stock. J P Morgan Chase & Co’s price objective would indicate a potential upside of 22.06% from the company’s current price.

Several other research firms also recently weighed in on ARRY. BidaskClub upgraded shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Cantor Fitzgerald restated a “buy” rating and set a $13.00 price objective on shares of Array BioPharma in a report on Tuesday, July 18th. Zacks Investment Research downgraded shares of Array BioPharma from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Piper Jaffray Companies restated a “buy” rating and set a $14.00 price objective on shares of Array BioPharma in a report on Thursday, August 10th. Finally, ValuEngine upgraded shares of Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $13.10.

Array BioPharma (NASDAQ:ARRY) opened at 11.23 on Monday. The firm has a 50 day moving average price of $9.34 and a 200 day moving average price of $8.78. Array BioPharma has a 12-month low of $3.45 and a 12-month high of $13.40. The company’s market cap is $1.93 billion.

Array BioPharma (NASDAQ:ARRY) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The business had revenue of $33.80 million for the quarter, compared to analyst estimates of $28.64 million. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. Array BioPharma’s revenue was down 21.8% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.17) earnings per share. On average, analysts anticipate that Array BioPharma will post ($0.99) earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fisher Asset Management LLC increased its holdings in Array BioPharma by 72.0% during the second quarter. Fisher Asset Management LLC now owns 134,180 shares of the biopharmaceutical company’s stock worth $1,123,000 after buying an additional 56,166 shares during the last quarter. Alambic Investment Management L.P. boosted its position in Array BioPharma by 12.6% during the first quarter. Alambic Investment Management L.P. now owns 195,030 shares of the biopharmaceutical company’s stock worth $1,744,000 after purchasing an additional 21,800 shares during the period. Marshall Wace North America L.P. boosted its position in Array BioPharma by 4.6% during the second quarter. Marshall Wace North America L.P. now owns 677,109 shares of the biopharmaceutical company’s stock worth $5,417,000 after purchasing an additional 29,543 shares during the period. Spark Investment Management LLC boosted its position in Array BioPharma by 30.9% during the first quarter. Spark Investment Management LLC now owns 343,900 shares of the biopharmaceutical company’s stock worth $3,074,000 after purchasing an additional 81,200 shares during the period. Finally, Acadian Asset Management LLC bought a new position in Array BioPharma during the first quarter worth about $1,242,000. Institutional investors and hedge funds own 97.59% 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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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