Prudential Financial Inc. Raises Stake in Array Biopharma Inc (NASDAQ:ARRY)

Prudential Financial Inc. grew its stake in shares of Array Biopharma Inc (NASDAQ:ARRY) by 14.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 173,911 shares of the biopharmaceutical company’s stock after purchasing an additional 22,594 shares during the period. Prudential Financial Inc. owned approximately 0.08% of Array Biopharma worth $8,058,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Alpha Windward LLC purchased a new position in Array Biopharma in the 2nd quarter valued at approximately $28,000. Cornerstone Advisors Inc. raised its stake in shares of Array Biopharma by 38.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after buying an additional 615 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Array Biopharma during the 1st quarter worth $84,000. Spearhead Capital Advisors LLC acquired a new position in shares of Array Biopharma during the 2nd quarter worth $202,000. Finally, World Asset Management Inc purchased a new stake in shares of Array Biopharma in the 2nd quarter worth about $230,000.

Shares of NASDAQ ARRY remained flat at $$47.85 during midday trading on Wednesday. The stock has a market capitalization of $10.68 billion, a price-to-earnings ratio of -65.55 and a beta of 1.70. Array Biopharma Inc has a 1 year low of $12.56 and a 1 year high of $47.98. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.65 and a current ratio of 5.70. The company’s 50-day moving average price is $47.77 and its 200-day moving average price is $34.14.

A number of equities research analysts recently commented on ARRY shares. JPMorgan Chase & Co. cut shares of Array Biopharma from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $29.00 to $48.00 in a research note on Friday, July 12th. Wells Fargo & Co cut shares of Array Biopharma from an “outperform” rating to a “market perform” rating in a research report on Monday, June 17th. Goldman Sachs Group upped their price target on shares of Array Biopharma from $27.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. SunTrust Banks lowered shares of Array Biopharma from a “buy” rating to a “hold” rating in a research report on Monday, June 17th. Finally, Piper Jaffray Companies lowered shares of Array Biopharma from an “overweight” rating to a “neutral” rating in a research report on Monday, June 17th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $37.13.

About Array Biopharma

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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Institutional Ownership by Quarter for Array Biopharma (NASDAQ:ARRY)

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