Array Biopharma (NASDAQ:ARRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “
A number of other brokerages also recently weighed in on ARRY. SunTrust Banks lifted their target price on Array Biopharma to $25.00 and gave the stock a “buy” rating in a report on Monday, June 25th. Cantor Fitzgerald reiterated a “buy” rating and issued a $26.00 target price (up from $24.00) on shares of Array Biopharma in a report on Sunday, June 24th. Piper Jaffray Companies lifted their target price on Array Biopharma from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Wednesday, June 27th. BidaskClub upgraded Array Biopharma from a “hold” rating to a “buy” rating in a report on Friday, June 8th. Finally, Wells Fargo & Co lifted their target price on Array Biopharma from $31.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, June 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $20.90.
Array Biopharma (NASDAQ:ARRY) last issued its earnings results on Wednesday, May 9th. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.11. The business had revenue of $66.37 million during the quarter, compared to the consensus estimate of $28.81 million. Array Biopharma had a negative return on equity of 96.65% and a negative net margin of 72.33%. The firm’s revenue for the quarter was up 99.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.21) earnings per share. research analysts predict that Array Biopharma will post -0.73 earnings per share for the current year.
In other Array Biopharma news, Director Lunsen Gil J. Van sold 21,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 20th. The stock was sold at an average price of $19.08, for a total value of $410,220.00. Following the completion of the sale, the director now owns 26,797 shares of the company’s stock, valued at $511,286.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Andrew R. Robbins sold 17,964 shares of the firm’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $17.74, for a total value of $318,681.36. Following the completion of the sale, the chief operating officer now directly owns 191,535 shares of the company’s stock, valued at approximately $3,397,830.90. The disclosure for this sale can be found here. Insiders sold 416,717 shares of company stock valued at $7,443,186 in the last three months. Insiders own 3.18% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. grew its stake in Array Biopharma by 107.9% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,614 shares of the biopharmaceutical company’s stock valued at $140,000 after acquiring an additional 4,470 shares during the period. QS Investors LLC purchased a new position in shares of Array Biopharma during the fourth quarter valued at approximately $134,000. GSA Capital Partners LLP purchased a new position in shares of Array Biopharma during the first quarter valued at approximately $208,000. Royal Bank of Canada boosted its position in shares of Array Biopharma by 266.7% during the first quarter. Royal Bank of Canada now owns 12,874 shares of the biopharmaceutical company’s stock valued at $211,000 after buying an additional 9,363 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new position in shares of Array Biopharma during the first quarter valued at approximately $215,000. 92.47% of the stock is owned by hedge funds and other institutional investors.
About Array Biopharma
Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific. The company's drugs in Phase III clinical trials include Binimetinib, Encorafenib, Selumetinib, and Ipatasertib/GDC-0068 for the treatment of cancer, as well as ASC08/Danoprevir to treat hepatitis C virus.
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