Array Biopharma (NASDAQ:ARRY) Downgraded by Cantor Fitzgerald to “Neutral”

Cantor Fitzgerald cut shares of Array Biopharma (NASDAQ:ARRY) from an overweight rating to a neutral rating in a research note issued to investors on Monday, BenzingaRatingsTable reports. Cantor Fitzgerald currently has $48.00 price objective on the biopharmaceutical company’s stock, up from their prior price objective of $34.00.

Several other research firms also recently weighed in on ARRY. Goldman Sachs Group set a €42.60 ($49.53) target price on shares of Deutsche Wohnen and gave the stock a neutral rating in a research report on Tuesday, June 18th. BidaskClub downgraded shares of Zai Lab from a hold rating to a sell rating in a research report on Wednesday, May 1st. Wells Fargo & Co reissued a hold rating and issued a $68.00 target price (up from $65.00) on shares of Colgate-Palmolive in a research report on Monday, June 17th. Svb Leerink downgraded shares of Array Biopharma from an outperform rating to a market perform rating and boosted their price objective for the company from $32.00 to $48.00 in a research report on Tuesday, June 18th. Finally, SunTrust Banks lowered their price objective on shares of Malibu Boats to $48.00 and set a buy rating on the stock in a research report on Monday, June 17th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $35.23.

Shares of Array Biopharma stock traded up $0.04 during trading on Monday, hitting $46.82. The stock had a trading volume of 3,057,793 shares, compared to its average volume of 4,456,455. The stock’s 50 day simple moving average is $36.88. The stock has a market cap of $10.44 billion, a P/E ratio of -64.14 and a beta of 1.69. The company has a quick ratio of 5.65, a current ratio of 5.70 and a debt-to-equity ratio of 0.45. Array Biopharma has a 1 year low of $12.56 and a 1 year high of $47.05.

Array Biopharma (NASDAQ:ARRY) last released its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. The business had revenue of $64.68 million for the quarter, compared to the consensus estimate of $54.04 million. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.11) earnings per share. On average, sell-side analysts predict that Array Biopharma will post -0.51 earnings per share for the current year.

In related news, insider Victor Sandor sold 40,634 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $26.50, for a total transaction of $1,076,801.00. Following the transaction, the insider now directly owns 278,326 shares of the company’s stock, valued at $7,375,639. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 180,011 shares of company stock worth $4,862,502 over the last ninety days. 2.10% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cornerstone Advisors Inc. lifted its stake in Array Biopharma by 38.2% in the first quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock valued at $54,000 after acquiring an additional 615 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Array Biopharma in the first quarter valued at approximately $84,000. Advisor Group Inc. lifted its stake in Array Biopharma by 39.2% in the fourth quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock valued at $88,000 after acquiring an additional 1,720 shares during the last quarter. Raymond James & Associates acquired a new stake in Array Biopharma in the fourth quarter valued at approximately $147,000. Finally, GSA Capital Partners LLP acquired a new stake in Array Biopharma in the fourth quarter valued at approximately $166,000.

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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