Array BioPharma (ARRY) Cut to Sell at BidaskClub

BidaskClub lowered shares of Array BioPharma (NASDAQ:ARRY) from a hold rating to a sell rating in a report issued on Saturday morning.

A number of other research firms have also recently issued reports on ARRY. Cowen restated an outperform rating and set a $15.00 target price (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. Cantor Fitzgerald restated a buy rating and set a $15.00 target price on shares of Array BioPharma in a research note on Tuesday, September 26th. Piper Jaffray Companies restated an overweight rating and set a $18.00 target price (up previously from $14.00) on shares of Array BioPharma in a research note on Wednesday, September 20th. Stifel Nicolaus restated a buy rating on shares of Array BioPharma in a research note on Wednesday, November 1st. Finally, SunTrust Banks restated a buy rating and set a $16.00 target price on shares of Array BioPharma in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average price target of $13.65.

Shares of Array BioPharma (ARRY) opened at $10.78 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.43 and a quick ratio of 5.43. Array BioPharma has a 12 month low of $6.73 and a 12 month high of $13.40.

Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, meeting analysts’ consensus estimates of ($0.22). The firm had revenue of $29.75 million during the quarter, compared to analysts’ expectations of $33.74 million. Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The company’s revenue for the quarter was down 24.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.20) earnings per share. analysts expect that Array BioPharma will post -0.99 EPS for the current fiscal year.

In related news, Director Kyle Lefkoff sold 38,865 shares of the firm’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $12.31, for a total transaction of $478,428.15. Following the transaction, the director now directly owns 51,585 shares of the company’s stock, valued at $635,011.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 3.18% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its position in Array BioPharma by 8.3% during the second quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after acquiring an additional 972 shares during the period. Ameritas Investment Partners Inc. increased its position in Array BioPharma by 7.2% during the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after acquiring an additional 1,012 shares during the period. Amalgamated Bank increased its position in Array BioPharma by 5.6% during the second quarter. Amalgamated Bank now owns 22,141 shares of the biopharmaceutical company’s stock worth $185,000 after acquiring an additional 1,174 shares during the period. Prudential Financial Inc. increased its position in Array BioPharma by 9.1% during the second quarter. Prudential Financial Inc. now owns 18,957 shares of the biopharmaceutical company’s stock worth $159,000 after acquiring an additional 1,580 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Array BioPharma by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 132,865 shares of the biopharmaceutical company’s stock worth $1,112,000 after acquiring an additional 4,287 shares during the period. 98.16% of the stock is currently owned by institutional investors and hedge funds.

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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).

Analyst Recommendations for Array BioPharma (NASDAQ:ARRY)

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