TIG Advisors LLC purchased a new position in Array Biopharma Inc (NASDAQ:ARRY) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,737,321 shares of the biopharmaceutical company’s stock, valued at approximately $126,820,000. Array Biopharma makes up 5.5% of TIG Advisors LLC’s holdings, making the stock its 5th largest holding. TIG Advisors LLC owned 1.23% of Array Biopharma as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Paloma Partners Management Co purchased a new position in shares of Array Biopharma during the second quarter valued at about $2,511,000. Man Group plc lifted its holdings in shares of Array Biopharma by 4,200.3% in the 2nd quarter. Man Group plc now owns 680,000 shares of the biopharmaceutical company’s stock valued at $31,505,000 after acquiring an additional 664,187 shares during the last quarter. UBS Oconnor LLC bought a new position in shares of Array Biopharma in the 2nd quarter valued at about $22,254,000. Polar Asset Management Partners Inc. bought a new position in shares of Array Biopharma in the 2nd quarter valued at about $3,938,000. Finally, Balyasny Asset Management LLC bought a new position in shares of Array Biopharma in the 2nd quarter valued at about $14,538,000.
Several analysts have issued reports on the stock. SunTrust Banks downgraded shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Piper Jaffray Companies downgraded Array Biopharma from an “overweight” rating to a “neutral” rating in a research report on Monday, June 17th. Wells Fargo & Co lowered Array Biopharma from an “outperform” rating to a “market perform” rating in a research note on Monday, June 17th. Goldman Sachs Group lifted their target price on Array Biopharma from $27.00 to $38.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Finally, Jefferies Financial Group lowered shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Array Biopharma presently has an average rating of “Hold” and a consensus target price of $37.13.
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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