Cantor Fitzgerald set a $15.00 price target on Array BioPharma (NASDAQ:ARRY) in a report published on Wednesday. The brokerage currently has a buy rating on the biopharmaceutical company’s stock. Cantor Fitzgerald also issued estimates for Array BioPharma’s FY2019 earnings at ($0.51) EPS.
“ARRY and ASLAN (NC) have updated a 2011 agreement for varlitinib, a pan-HER2 inhibitor, providing nearer term cash to ARRY in exchange for commercialization rights (the prior agreement covered development).”,” the firm’s analyst wrote.
ARRY has been the topic of a number of other research reports. Jefferies Group reissued a buy rating and issued a $9.00 price target on shares of Array BioPharma in a research note on Tuesday, September 12th. SunTrust Banks reissued a buy rating and issued a $16.00 price target on shares of Array BioPharma in a research note on Wednesday, November 1st. Stifel Nicolaus reissued a buy rating and issued a $15.00 price target (up previously from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. JPMorgan Chase & Co. restated a buy rating and issued a $14.00 price objective on shares of Array BioPharma in a research report on Monday, September 11th. Finally, BidaskClub upgraded shares of Array BioPharma from a sell rating to a hold rating in a research report on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Array BioPharma has a consensus rating of Buy and a consensus target price of $14.10.
Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.22). The company had revenue of $29.75 million for the quarter, compared to the consensus estimate of $33.74 million. Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. The firm’s quarterly revenue was down 24.2% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.20) EPS. analysts predict that Array BioPharma will post -0.99 EPS for the current year.
In other Array BioPharma news, CEO Ron Squarer sold 819,671 shares of the stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $10.86, for a total transaction of $8,901,627.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Andrew R. Robbins sold 282,874 shares of the stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $10.72, for a total value of $3,032,409.28. The disclosure for this sale can be found here. 3.18% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in ARRY. Russell Investments Group Ltd. increased its holdings in Array BioPharma by 19.0% during the 2nd quarter. Russell Investments Group Ltd. now owns 157,040 shares of the biopharmaceutical company’s stock worth $1,315,000 after purchasing an additional 25,118 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in Array BioPharma by 0.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 731,187 shares of the biopharmaceutical company’s stock worth $6,121,000 after purchasing an additional 6,318 shares in the last quarter. First Trust Advisors LP bought a new position in Array BioPharma during the 2nd quarter worth about $1,874,000. State of Wisconsin Investment Board bought a new position in Array BioPharma during the 2nd quarter worth about $1,071,000. Finally, Legal & General Group Plc increased its holdings in Array BioPharma by 20.6% during the 2nd quarter. Legal & General Group Plc now owns 67,656 shares of the biopharmaceutical company’s stock worth $566,000 after purchasing an additional 11,546 shares in the last quarter. Hedge funds and other institutional investors own 98.13% of the company’s stock.
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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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