Array Biopharma (NASDAQ:ARRY) was downgraded by analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued on Friday, Marketbeat Ratings reports. They currently have a $48.00 target price on the biopharmaceutical company’s stock, up from their prior target price of $29.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 2.87% from the company’s current price.
Several other analysts have also issued reports on ARRY. Jefferies Financial Group reduced their price target on shares of Huntsman from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, June 17th. Piper Jaffray Companies reiterated a “buy” rating on shares of Incyte in a research report on Monday, June 17th. Leerink Swann lowered shares of Array Biopharma from an “outperform” rating to a “market perform” rating and increased their price target for the stock from $32.00 to $46.25 in a research report on Tuesday, June 18th. Goldman Sachs Group set a €42.60 ($49.53) price target on shares of Deutsche Wohnen and gave the stock a “neutral” rating in a research report on Tuesday, June 18th. Finally, Cantor Fitzgerald increased their price target on shares of Cerner from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Monday, July 8th. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Array Biopharma has an average rating of “Hold” and a consensus price target of $37.13.
Shares of NASDAQ:ARRY opened at $46.66 on Friday. The stock’s 50 day simple moving average is $37.71. Array Biopharma has a 12-month low of $12.56 and a 12-month high of $47.05. The company has a current ratio of 5.70, a quick ratio of 5.65 and a debt-to-equity ratio of 0.45.
Array Biopharma (NASDAQ:ARRY) last announced its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The firm had revenue of $64.68 million for the quarter, compared to analyst estimates of $54.04 million. During the same quarter in the prior year, the business posted ($0.11) EPS. The business’s revenue was down 2.5% compared to the same quarter last year. Equities analysts expect that Array Biopharma will post -0.51 earnings per share for the current fiscal year.
In related news, insider Victor Sandor sold 40,634 shares of the stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $26.50, for a total value of $1,076,801.00. Following the completion of the transaction, the insider now owns 278,326 shares of the company’s stock, valued at approximately $7,375,639. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 180,011 shares of company stock valued at $4,862,502. 2.10% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. Cornerstone Advisors Inc. lifted its stake in Array Biopharma by 38.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 615 shares during the last quarter. Advisory Services Network LLC bought a new position in Array Biopharma in the 1st quarter valued at approximately $84,000. Advisor Group Inc. lifted its stake in Array Biopharma by 39.2% in the 4th quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 1,720 shares during the last quarter. CIBC Private Wealth Group LLC bought a new position in Array Biopharma in the 1st quarter valued at approximately $245,000. Finally, Raymond James & Associates bought a new position in Array Biopharma in the 4th quarter valued at 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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