Shares of Array BioPharma Inc. (NASDAQ:ARRY) rose 2.4% on Monday after Cantor Fitzgerald raised their price target on the stock from $13.00 to $15.00. Cantor Fitzgerald currently has an overweight rating on the stock. Array BioPharma traded as high as $12.03 and last traded at $10.72. Approximately 12,650,103 shares changed hands during trading, an increase of 296% from the average daily volume of 3,196,840 shares. The stock had previously closed at $10.98.
A number of other research firms have also weighed in on ARRY. BidaskClub raised Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Zacks Investment Research lowered Array BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $14.00 price target on shares of Array BioPharma in a research note on Monday. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $14.00 price target on shares of Array BioPharma in a research note on Thursday, August 10th. Finally, ValuEngine raised Array BioPharma from a “sell” rating to a “hold” rating in a research note 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 assigned a buy rating to the company. Array BioPharma currently has an average rating of “Buy” and a consensus price target of $12.54.
Institutional investors and hedge funds have recently bought and sold shares of the business. Quantitative Systematic Strategies LLC raised its holdings in Array BioPharma by 9.6% in the second quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock worth $106,000 after purchasing an additional 1,103 shares in the last quarter. Knott David M bought a new position in Array BioPharma in the first quarter worth $107,000. Teacher Retirement System of Texas raised its holdings in Array BioPharma by 8.3% in the second quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after purchasing an additional 972 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new position in Array BioPharma in the second quarter worth $110,000. Finally, Ameritas Investment Partners Inc. raised its holdings in Array BioPharma by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 1,012 shares in the last quarter. Institutional investors and hedge funds own 97.60% of the company’s stock.
The stock’s market capitalization is $1.83 billion. The stock has a 50-day moving average price of $8.75 and a 200-day moving average price of $8.81.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 1,187.18% and a negative net margin of 77.44%. The company’s revenue was down 21.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.17) earnings per share. Analysts forecast that Array BioPharma Inc. will post ($0.98) EPS for the current year.
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About Array BioPharma
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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