Array Biopharma Inc (NASDAQ:ARRY) Receives Average Rating of “Hold” from Brokerages

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Shares of Array Biopharma Inc (NASDAQ:ARRY) have received an average recommendation of “Hold” from the fourteen brokerages that are covering the firm, MarketBeat.com reports. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $38.03.

ARRY has been the subject of a number of recent analyst reports. Cowen restated a “buy” rating and set a $25.00 price objective on shares of Array Biopharma in a research note on Monday, June 17th. Svb Leerink lowered Array Biopharma from an “outperform” rating to a “market perform” rating and raised their price objective for the company from $32.00 to $48.00 in a research note on Tuesday, June 18th. Wells Fargo & Co lowered Array Biopharma from an “outperform” rating to a “market perform” rating in a research note on Monday, June 17th. Zacks Investment Research upgraded Array Biopharma from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Friday, May 10th. Finally, Goldman Sachs Group raised their price objective on Array Biopharma from $27.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th.

Shares of ARRY stock remained flat at $$47.85 during trading hours on Wednesday. The stock had a trading volume of 206,500 shares, compared to its average volume of 4,985,577. 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 fifty-two week low of $12.56 and a fifty-two week high of $47.98. The firm has a market cap of $10.68 billion, a PE ratio of -65.55 and a beta of 1.70. The company has a fifty day moving average of $46.88.

Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Array Biopharma had a negative return on equity of 48.51% and a negative net margin of 52.64%. The firm had revenue of $64.68 million during the quarter, compared to analyst estimates of $54.04 million. During the same quarter last year, the firm earned ($0.11) EPS. Array Biopharma’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts predict that Array Biopharma will post -0.51 earnings per share for the current year.

In other Array Biopharma news, insider Victor Sandor sold 36,134 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $27.58, for a total transaction of $996,575.72. Following the transaction, the insider now owns 225,271 shares of the company’s stock, valued at approximately $6,212,974.18. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 180,011 shares of company stock worth $4,862,502. 2.10% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in ARRY. Alpha Windward LLC bought a new stake in shares of Array Biopharma in the 2nd quarter worth approximately $28,000. Cornerstone Advisors Inc. lifted its holdings in shares of Array Biopharma by 38.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 615 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Array Biopharma in the 1st quarter worth approximately $84,000. Advisor Group Inc. lifted its holdings in shares of Array Biopharma by 39.2% in the 4th quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,720 shares during the last quarter. Finally, Raymond James & Associates bought a new stake in shares of Array Biopharma in the 4th quarter worth approximately $147,000.

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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Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

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