Array Biopharma Inc (ARRY) Shares Gap Down After Analyst Downgrade

Array Biopharma Inc (NASDAQ:ARRY)’s share price gapped down prior to trading on Monday after Cowen and Company lowered their price target on the stock to $14.00. The stock had previously closed at $11.66, but opened at $10.56. Cowen and Company currently has an outperform rating on the stock. Array Biopharma shares last traded at $10.07, with a volume of 15,169,894 shares changing hands.

Several other brokerages have also commented on ARRY. Zacks Investment Research upgraded shares of Array Biopharma from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research report on Friday, January 13th. Leerink Swann lowered shares of Array Biopharma from an “outperform” rating to a “market perform” rating and set a $11.00 target price on the stock. in a research report on Monday, January 30th. They noted that the move was a valuation call. Cantor Fitzgerald set a $13.00 target price on shares of Array Biopharma and gave the stock a “buy” rating in a research report on Thursday, February 9th. Stifel Nicolaus boosted their target price on shares of Array Biopharma from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 3rd. Finally, Piper Jaffray Companies set a $15.00 target price on shares of Array Biopharma and gave the stock a “buy” rating in a research report on Tuesday, January 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $11.20.

Several large investors have recently added to or reduced their stakes in ARRY. Princeton Alpha Management LP acquired a new stake in Array Biopharma during the third quarter valued at approximately $285,000. Palisade Capital Management LLC NJ acquired a new stake in Array Biopharma during the third quarter valued at approximately $148,000. BlackRock Fund Advisors raised its stake in Array Biopharma by 7.2% in the third quarter. BlackRock Fund Advisors now owns 5,623,151 shares of the biopharmaceutical company’s stock valued at $37,956,000 after buying an additional 375,851 shares in the last quarter. BlackRock Inc. raised its stake in Array Biopharma by 2.5% in the third quarter. BlackRock Inc. now owns 34,502 shares of the biopharmaceutical company’s stock valued at $233,000 after buying an additional 848 shares in the last quarter. Finally, BlackRock Investment Management LLC increased its position in shares of Array Biopharma by 0.6% in the third quarter. BlackRock Investment Management LLC now owns 595,435 shares of the biopharmaceutical company’s stock valued at $4,019,000 after buying an additional 3,446 shares during the last quarter. Institutional investors and hedge funds own 88.58% of the company’s stock.

The stock’s market capitalization is $1.70 billion. The firm’s 50-day moving average is $11.20 and its 200 day moving average is $8.17.

Array Biopharma (NASDAQ:ARRY) last issued its earnings results on Thursday, February 9th. The biopharmaceutical company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. The company earned $44.50 million during the quarter, compared to analyst estimates of $31.90 million. During the same period in the prior year, the business earned ($0.17) earnings per share. Array Biopharma’s quarterly revenue was up 25.7% on a year-over-year basis. On average, analysts expect that Array Biopharma Inc will post ($0.73) earnings per share for the current fiscal year.

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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).

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