Array BioPharma’s (ARRY) Buy Rating Reaffirmed at J P Morgan Chase & Co

J P Morgan Chase & Co restated their buy rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a report issued on Monday morning. The firm currently has a $14.00 target price on the biopharmaceutical company’s stock.

ARRY has been the topic of a number of other reports. BidaskClub upgraded Array BioPharma from a strong sell rating to a sell rating in a report on Friday, August 25th. ValuEngine upgraded Array BioPharma from a sell rating to a hold rating in a research note on Friday, June 2nd. Stifel Nicolaus restated a buy rating and set a $13.00 price target on shares of Array BioPharma in a research note on Thursday, August 10th. Cantor Fitzgerald restated a buy rating and set a $13.00 price target on shares of Array BioPharma in a research note on Tuesday, July 18th. Finally, Jefferies Group LLC set a $9.00 price target on Array BioPharma and gave the stock a buy rating in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. Array BioPharma currently has a consensus rating of Buy and a consensus price target of $12.65.

Shares of Array BioPharma (ARRY) opened at 10.53 on Monday. The stock’s market capitalization is $1.81 billion. Array BioPharma has a one year low of $3.42 and a one year high of $13.40. The stock has a 50 day moving average price of $8.75 and a 200 day moving average price of $8.79.

Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The firm had revenue of $33.80 million for the quarter, compared to analysts’ expectations of $28.64 million. During the same period in the prior year, the firm posted ($0.17) earnings per share. The firm’s quarterly revenue was down 21.8% on a year-over-year basis. Equities analysts forecast that Array BioPharma will post ($0.99) earnings per share for the current year.

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Large investors have recently added to or reduced their stakes in the business. Acadian Asset Management LLC purchased a new stake in shares of Array BioPharma during the first quarter worth $1,242,000. Russell Investments Group Ltd. increased its position in shares of Array BioPharma by 84.8% during the first quarter. Russell Investments Group Ltd. now owns 131,922 shares of the biopharmaceutical company’s stock worth $1,179,000 after acquiring an additional 60,527 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Array BioPharma by 77.0% during the first quarter. Great West Life Assurance Co. Can now owns 17,700 shares of the biopharmaceutical company’s stock worth $158,000 after acquiring an additional 7,700 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of Array BioPharma by 35.1% during the first quarter. DekaBank Deutsche Girozentrale now owns 94,600 shares of the biopharmaceutical company’s stock worth $859,000 after acquiring an additional 24,600 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Array BioPharma by 4.7% during the first quarter. Bank of New York Mellon Corp now owns 842,076 shares of the biopharmaceutical company’s stock worth $7,528,000 after acquiring an additional 37,974 shares during the period. Institutional investors own 97.60% of the company’s stock.

Array BioPharma Company 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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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