Array Biopharma (ARRY) Downgraded by Zacks Investment Research

Array Biopharma (NASDAQ:ARRY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas. “

Other analysts have also issued research reports about the company. BidaskClub lowered Array Biopharma from a “hold” rating to a “sell” rating in a report on Thursday, July 26th. Cantor Fitzgerald reissued a “buy” rating and issued a $26.00 target price (up previously from $24.00) on shares of Array Biopharma in a report on Sunday, June 24th. Piper Jaffray Companies lifted their target price on Array Biopharma from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Wednesday, June 27th. Wells Fargo & Co lifted their target price on Array Biopharma from $31.00 to $33.00 and gave the stock an “outperform” rating in a report on Thursday, June 28th. Finally, SunTrust Banks lifted their price objective on Array Biopharma to $25.00 and gave the stock a “buy” rating in a report on Monday, June 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Array Biopharma currently has an average rating of “Buy” and an average target price of $22.44.

Shares of Array Biopharma stock traded up $1.64 on Tuesday, reaching $15.40. The company’s stock had a trading volume of 4,579,393 shares, compared to its average volume of 2,907,336. The firm has a market cap of $3.24 billion, a price-to-earnings ratio of -21.10 and a beta of 1.11. Array Biopharma has a 52 week low of $9.98 and a 52 week high of $20.21. The company has a current ratio of 4.71, a quick ratio of 4.71 and a debt-to-equity ratio of 0.42.

Array Biopharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, August 14th. The biopharmaceutical company reported ($0.25) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.01). The business had revenue of $35.40 million during the quarter, compared to the consensus estimate of $38.73 million. Array Biopharma had a negative return on equity of 80.54% and a negative net margin of 84.79%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.17) EPS. On average, equities research analysts forecast that Array Biopharma will post -0.72 EPS for the current fiscal year.

In related news, Director Lunsen Gil J. Van sold 21,500 shares of Array Biopharma stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $16.56, for a total value of $356,040.00. Following the completion of the sale, the director now owns 29,797 shares of the company’s stock, valued at $493,438.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Victor Sandor sold 9,687 shares of the business’s stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $15.38, for a total value of $148,986.06. The disclosure for this sale can be found here. Insiders sold 94,187 shares of company stock valued at $1,420,856 in the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the business. Morgan Stanley grew its holdings in Array Biopharma by 127.7% during the second quarter. Morgan Stanley now owns 3,578,476 shares of the biopharmaceutical company’s stock valued at $60,048,000 after purchasing an additional 2,006,894 shares during the period. FMR LLC grew its holdings in Array Biopharma by 3.3% during the second quarter. FMR LLC now owns 24,390,396 shares of the biopharmaceutical company’s stock valued at $409,271,000 after purchasing an additional 787,460 shares during the period. Rhumbline Advisers grew its holdings in Array Biopharma by 3.7% during the second quarter. Rhumbline Advisers now owns 200,956 shares of the biopharmaceutical company’s stock valued at $3,372,000 after purchasing an additional 7,178 shares during the period. Xact Kapitalforvaltning AB grew its holdings in Array Biopharma by 17.5% during the second quarter. Xact Kapitalforvaltning AB now owns 30,278 shares of the biopharmaceutical company’s stock valued at $508,000 after purchasing an additional 4,500 shares during the period. Finally, State of Wisconsin Investment Board grew its holdings in Array Biopharma by 3.6% during the second quarter. State of Wisconsin Investment Board now owns 207,700 shares of the biopharmaceutical company’s stock valued at $3,485,000 after purchasing an additional 7,300 shares during the period. 91.81% of the stock is owned by institutional investors and hedge funds.

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 and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

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