Stifel Nicolaus Reaffirms Buy Rating for Array BioPharma Inc. (ARRY)

Array BioPharma Inc. (NASDAQ:ARRY)‘s stock had its “buy” rating reaffirmed by investment analysts at Stifel Nicolaus in a report issued on Monday, September 11th, Marketbeat.com reports. They presently have a $15.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $13.00. Stifel Nicolaus’ price target suggests a potential upside of 30.78% from the company’s previous close.

Other research analysts have also issued reports about the stock. Jefferies Group LLC set a $9.00 target price on shares of Array BioPharma and gave the stock a “buy” rating in a research note on Friday, August 25th. Piper Jaffray Companies reissued a “buy” rating and set a $14.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Cantor Fitzgerald set a $13.00 price objective on shares of Array BioPharma and gave the stock a “buy” rating in a report on Wednesday, August 9th. J P Morgan Chase & Co restated a “buy” rating and set a $14.00 price objective on shares of Array BioPharma in a report on Monday, September 11th. 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 issued a buy rating to the company’s stock. Array BioPharma presently has a consensus 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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A number of large investors have recently modified their holdings of ARRY. Vanguard Group Inc. boosted its position in shares of Array BioPharma by 15.5% in the second quarter. Vanguard Group Inc. now owns 19,622,890 shares of the biopharmaceutical company’s stock valued at $164,243,000 after acquiring an additional 2,629,475 shares during the period. BlackRock Inc. boosted its position in shares of Array BioPharma by 1.0% in the second quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock valued at $108,765,000 after acquiring an additional 125,563 shares during the period. State Street Corp boosted its position in shares of Array BioPharma by 15.5% in the second quarter. State Street Corp now owns 9,544,525 shares of the biopharmaceutical company’s stock valued at $79,890,000 after acquiring an additional 1,279,750 shares during the period. Franklin Resources Inc. boosted its position in shares of Array BioPharma by 48.4% in the second quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock valued at $74,920,000 after acquiring an additional 2,918,156 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Array BioPharma by 8.5% in the second quarter. Northern Trust Corp now owns 2,130,493 shares of the biopharmaceutical company’s stock valued at $17,832,000 after acquiring an additional 166,031 shares during the period. Hedge funds and other institutional investors own 97.59% of the company’s stock.

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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