Pinnacle Associates Ltd. Sells 291,488 Shares of Array Biopharma Inc (ARRY)

Pinnacle Associates Ltd. lowered its holdings in shares of Array Biopharma Inc (NASDAQ:ARRY) by 13.1% during the third quarter, HoldingsChannel reports. The firm owned 1,927,536 shares of the biopharmaceutical company’s stock after selling 291,488 shares during the period. Pinnacle Associates Ltd.’s holdings in Array Biopharma were worth $29,299,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ARRY. FMR LLC grew its stake in Array Biopharma by 11.1% in the 3rd quarter. FMR LLC now owns 27,101,636 shares of the biopharmaceutical company’s stock valued at $411,945,000 after buying an additional 2,711,240 shares during the last quarter. Morgan Stanley grew its stake in Array Biopharma by 127.7% in the 2nd quarter. Morgan Stanley now owns 3,578,476 shares of the biopharmaceutical company’s stock valued at $60,048,000 after buying an additional 2,006,894 shares during the last quarter. Peregrine Capital Management LLC acquired a new position in Array Biopharma in the 3rd quarter valued at $17,000,000. American Century Companies Inc. grew its stake in Array Biopharma by 64.4% in the 2nd quarter. American Century Companies Inc. now owns 2,610,740 shares of the biopharmaceutical company’s stock valued at $43,808,000 after buying an additional 1,022,370 shares during the last quarter. Finally, BlackRock Inc. grew its stake in Array Biopharma by 6.1% in the 2nd quarter. BlackRock Inc. now owns 16,919,696 shares of the biopharmaceutical company’s stock valued at $283,912,000 after buying an additional 970,259 shares during the last quarter. Institutional investors and hedge funds own 95.18% of the company’s stock.

NASDAQ ARRY traded up $0.39 during midday trading on Friday, hitting $16.00. The company had a trading volume of 5,136 shares, compared to its average volume of 3,073,792. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.62 and a quick ratio of 5.62. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -21.73 and a beta of 1.11. Array Biopharma Inc has a fifty-two week low of $10.36 and a fifty-two week high of $20.21.

Array Biopharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.10. The company had revenue of $56.91 million for the quarter, compared to analyst estimates of $34.47 million. Array Biopharma had a negative net margin of 66.77% and a negative return on equity of 74.02%. The business’s quarterly revenue was up 91.3% on a year-over-year basis. During the same period last year, the business posted ($0.22) EPS. As a group, sell-side analysts expect that Array Biopharma Inc will post -0.65 earnings per share for the current fiscal year.

In other news, Director Lunsen Gil J. Van sold 18,000 shares of Array Biopharma stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $14.76, for a total transaction of $265,680.00. Following the sale, the director now directly owns 37,297 shares in the company, valued at approximately $550,503.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Victor Sandor sold 9,687 shares of Array Biopharma stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $15.38, for a total transaction of $148,986.06. The disclosure for this sale can be found here. Company insiders own 2.10% of the company’s stock.

A number of research analysts recently issued reports on the stock. Cowen set a $22.00 target price on shares of Array Biopharma and gave the company a “buy” rating in a research note on Wednesday, October 31st. BidaskClub upgraded shares of Array Biopharma from a “sell” rating to a “hold” rating in a research note on Wednesday, September 5th. Finally, Zacks Investment Research upgraded shares of Array Biopharma from a “sell” rating to a “hold” rating in a research note on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Array Biopharma currently has an average rating of “Buy” and a consensus price target of $22.44.

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Array Biopharma Company Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

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Institutional Ownership by Quarter for Array Biopharma (NASDAQ:ARRY)

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