Cantor Fitzgerald Reaffirms “Overweight” Rating for Array BioPharma Inc. (ARRY)

Cantor Fitzgerald reiterated their overweight rating on shares of Array BioPharma Inc. (NASDAQ:ARRY) in a report released on Friday morning, Marketbeat reports. They currently have a $15.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $13.00.

“ARRY’s e-poster presentation of the safety lead in for the Phase III BEACON CRC study suggests that binimetinib/encorafenib could expand its market potential to colorectal cancer, which the shares do not currently reflect, in our view.”,” Cantor Fitzgerald’s analyst commented.

Other analysts also recently issued reports about the company. Jefferies Group LLC set a $9.00 target price on Array BioPharma and gave the stock a buy rating in a research note on Friday, August 25th. Piper Jaffray Companies reaffirmed a buy rating and issued a $14.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Stifel Nicolaus reaffirmed a buy rating and issued a $13.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. ValuEngine raised Array BioPharma from a sell rating to a hold rating in a research note on Friday, June 2nd. Finally, Zacks Investment Research raised Array BioPharma from a sell rating to a hold rating in a research note on Friday, August 11th. One investment 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. The stock presently has a consensus rating of Buy and an average target price of $12.65.

Array BioPharma (NASDAQ:ARRY) opened at 10.53 on Friday. Array BioPharma has a 52-week low of $3.42 and a 52-week high of $13.40. The company’s market cap is $1.81 billion. The firm’s 50-day moving average is $8.75 and its 200-day moving average is $8.79.

Array BioPharma (NASDAQ:ARRY) last issued its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping 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 business had revenue of $33.80 million during the quarter, compared to the consensus estimate of $28.64 million. During the same period last year, the company earned ($0.17) EPS. The company’s revenue for the quarter was down 21.8% on a year-over-year basis. On average, equities research analysts anticipate that Array BioPharma will post ($0.98) EPS for the current year.

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Several large investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd increased its position in shares of Array BioPharma by 31.2% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 44,385 shares of the biopharmaceutical company’s stock worth $372,000 after purchasing an additional 10,546 shares during the last quarter. Verition Fund Management LLC acquired a new stake in shares of Array BioPharma during the 2nd quarter worth about $346,000. Ameritas Investment Partners Inc. increased its position in shares of Array BioPharma by 7.2% during the 2nd 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 during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Array BioPharma by 71.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 18,317 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 7,661 shares during the last quarter. Finally, 361 Capital LLC increased its position in shares of Array BioPharma by 91.8% during the 2nd quarter. 361 Capital LLC now owns 30,258 shares of the biopharmaceutical company’s stock worth $253,000 after purchasing an additional 14,480 shares during the last quarter. 97.60% of the stock is owned by hedge funds and other institutional investors.

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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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