Columbus Circle Investors boosted its position in shares of Array BioPharma (NASDAQ:ARRY) by 283.9% during the first quarter, HoldingsChannel.com reports. The fund owned 1,133,732 shares of the biopharmaceutical company’s stock after acquiring an additional 838,412 shares during the quarter. Columbus Circle Investors’ holdings in Array BioPharma were worth $18,503,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Array BioPharma by 70.9% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,244 shares of the biopharmaceutical company’s stock worth $118,000 after acquiring an additional 3,834 shares during the period. QS Investors LLC bought a new stake in Array BioPharma during the 4th quarter worth approximately $134,000. Quantitative Systematic Strategies LLC bought a new stake in Array BioPharma during the 4th quarter worth approximately $169,000. First Mercantile Trust Co. bought a new stake in Array BioPharma during the 4th quarter worth approximately $182,000. Finally, Jefferies Group LLC bought a new stake in Array BioPharma during the 4th quarter worth approximately $185,000. Institutional investors own 96.92% of the company’s stock.
In related news, Director Lunsen Gil J. Van sold 21,500 shares of the firm’s stock in a transaction on Wednesday, May 16th. The shares were sold at an average price of $15.36, for a total value of $330,240.00. Following the completion of the transaction, the director now directly owns 31,797 shares of the company’s stock, valued at $488,401.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Victor Sandor sold 8,689 shares of the firm’s stock in a transaction on Tuesday, April 3rd. The shares were sold at an average price of $15.35, for a total transaction of $133,376.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 250,705 shares of company stock valued at $4,282,525. Insiders own 3.18% of the company’s stock.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Wednesday, May 9th. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. Array BioPharma had a negative net margin of 72.33% and a negative return on equity of 96.65%. The business had revenue of $66.37 million during the quarter, compared to analyst estimates of $28.81 million. During the same period last year, the firm posted ($0.21) EPS. The company’s revenue was up 99.4% on a year-over-year basis. sell-side analysts expect that Array BioPharma will post -0.8 EPS for the current fiscal year.
A number of equities research analysts have commented on ARRY shares. ValuEngine upgraded shares of Array BioPharma from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Stifel Nicolaus raised their target price on shares of Array BioPharma from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, February 7th. BidaskClub cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research note on Wednesday, March 21st. Leerink Swann upgraded shares of Array BioPharma from a “market perform” rating to an “outperform” rating in a research note on Monday, January 22nd. Finally, SunTrust Banks restated a “buy” rating and set a $20.00 target price on shares of Array BioPharma in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Array BioPharma has a consensus rating of “Buy” and a consensus price target of $18.00.
Array BioPharma Company Profile
Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific. The company's drugs in Phase III clinical trials include Binimetinib, Encorafenib, Selumetinib, and Ipatasertib/GDC-0068 for the treatment of cancer, as well as ASC08/Danoprevir to treat hepatitis C virus.
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