Balyasny Asset Management LLC decreased its position in Array BioPharma Inc. (NASDAQ:ARRY) by 1.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 719,124 shares of the biopharmaceutical company’s stock after selling 9,876 shares during the quarter. Balyasny Asset Management LLC owned 0.42% of Array BioPharma worth $6,019,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Quantitative Systematic Strategies LLC boosted its position in Array BioPharma by 9.6% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after purchasing an additional 1,103 shares during the period. Teacher Retirement System of Texas boosted its position in Array BioPharma by 8.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after purchasing an additional 972 shares during the period. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Array BioPharma during the 2nd quarter valued at approximately $110,000. Quantbot Technologies LP raised its stake in Array BioPharma by 10.9% during the 1st quarter. Quantbot Technologies LP now owns 14,523 shares of the biopharmaceutical company’s stock valued at $129,000 after acquiring an additional 1,423 shares in the last quarter. Finally, Caxton Associates LP bought a new stake in Array BioPharma during the 1st quarter valued at $142,000. Institutional investors own 85.64% of the company’s stock.
Several analysts have weighed in on the company. Piper Jaffray Companies reaffirmed 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 target price on Array BioPharma and gave the company a “buy” rating in a research note on Wednesday, August 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $13.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Zacks Investment Research raised Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Finally, BidaskClub downgraded Array BioPharma from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $13.36.
Shares of Array BioPharma Inc. (NASDAQ:ARRY) opened at 11.70 on Wednesday. The company’s market capitalization is $2.01 billion. The stock has a 50 day moving average price of $11.22 and a 200 day moving average price of $9.00. Array BioPharma Inc. has a 1-year low of $5.36 and a 1-year high of $13.40.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The business had revenue of $33.80 million during the quarter, compared to the consensus estimate of $28.64 million. During the same period in the prior year, the firm posted ($0.17) EPS. The firm’s quarterly revenue was down 21.8% compared to the same quarter last year. Analysts forecast that Array BioPharma Inc. will post ($0.99) earnings per share for the current year.
In other Array BioPharma news, Director Kyle Lefkoff sold 38,865 shares of the company’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $12.31, for a total value of $478,428.15. Following the completion of the sale, the director now directly owns 51,585 shares of the company’s stock, valued at approximately $635,011.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.18% of the company’s stock.
Array BioPharma 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).
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