Cowen Analysts Give Array Biopharma (ARRY) a $22.00 Price Target

Cowen set a $22.00 price objective on Array Biopharma (NASDAQ:ARRY) in a research note issued to investors on Wednesday morning. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

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. Zacks Investment Research lowered Array Biopharma from a hold rating to a sell rating in a report on Wednesday, July 11th. Finally, Guggenheim began coverage on Array Biopharma in a report on Monday, September 17th. They issued a buy rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Array Biopharma currently has an average rating of Buy and an average price target of $22.44.

Array Biopharma stock opened at $16.47 on Wednesday. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -22.56 and a beta of 1.11. Array Biopharma has a 12 month low of $10.21 and a 12 month high of $20.21. The company has a debt-to-equity ratio of 0.60, a current ratio of 5.62 and a quick ratio of 4.71.

Array Biopharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.10. The business had revenue of $56.91 million during the quarter, compared to analyst estimates of $34.47 million. Array Biopharma had a negative return on equity of 74.02% and a negative net margin of 66.77%. The company’s quarterly revenue was up 91.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.22) EPS. Equities research analysts forecast that Array Biopharma will post -0.66 earnings per share for the current year.

In related news, CFO Jason Haddock sold 20,000 shares of Array Biopharma stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $13.92, for a total value of $278,400.00. Following the completion of the sale, the chief financial officer now owns 35,393 shares of the company’s stock, valued at $492,670.56. 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 Array Biopharma stock in a transaction on Tuesday, September 4th. The stock was 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 47,687 shares of company stock valued at $693,066 in the last ninety days. 2.10% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. WINTON GROUP Ltd grew its holdings in shares of Array Biopharma by 25.0% in the third quarter. WINTON GROUP Ltd now owns 26,889 shares of the biopharmaceutical company’s stock worth $409,000 after acquiring an additional 5,385 shares during the period. American Century Companies Inc. grew its holdings in shares of Array Biopharma by 19.4% in the third quarter. American Century Companies Inc. now owns 3,116,886 shares of the biopharmaceutical company’s stock worth $47,377,000 after acquiring an additional 506,146 shares during the period. Smith Asset Management Group LP grew its holdings in shares of Array Biopharma by 36.1% in the third quarter. Smith Asset Management Group LP now owns 27,920 shares of the biopharmaceutical company’s stock worth $424,000 after acquiring an additional 7,400 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Array Biopharma by 13.4% in the third quarter. Wells Fargo & Company MN now owns 2,484,662 shares of the biopharmaceutical company’s stock worth $37,766,000 after acquiring an additional 292,749 shares during the period. Finally, Moody Aldrich Partners LLC grew its holdings in shares of Array Biopharma by 19.1% in the third quarter. Moody Aldrich Partners LLC now owns 192,990 shares of the biopharmaceutical company’s stock worth $2,933,000 after acquiring an additional 30,951 shares during the period. 92.56% of the stock is owned by institutional investors.

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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Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

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