TIG Advisors LLC bought a new stake in shares of Array Biopharma Inc (NASDAQ:ARRY) in the second quarter, Holdings Channel reports. The fund bought 2,737,321 shares of the biopharmaceutical company’s stock, valued at approximately $126,820,000. Array Biopharma accounts for 5.5% of TIG Advisors LLC’s holdings, making the stock its 5th largest position.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Alpha Windward LLC acquired a new position in shares of Array Biopharma in the second quarter worth about $28,000. Cornerstone Advisors Inc. increased its stake in shares of Array Biopharma by 38.2% during the first quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 615 shares in the last quarter. Advisory Services Network LLC purchased a new stake in shares of Array Biopharma during the first quarter worth about $84,000. Quantamental Technologies LLC purchased a new stake in shares of Array Biopharma during the second quarter worth about $117,000. Finally, Rockefeller Capital Management L.P. increased its stake in shares of Array Biopharma by 1,311.8% during the second quarter. Rockefeller Capital Management L.P. now owns 2,979 shares of the biopharmaceutical company’s stock worth $138,000 after purchasing an additional 2,768 shares in the last quarter.
Shares of Array Biopharma stock remained flat at $$47.85 during mid-day trading on Friday. 206,500 shares of the stock traded hands, compared to its average volume of 4,985,577. The firm’s 50-day simple moving average is $47.85 and its 200-day simple moving average is $35.12. Array Biopharma Inc has a twelve month low of $12.56 and a twelve month high of $47.98. The company has a current ratio of 5.70, a quick ratio of 5.65 and a debt-to-equity ratio of 0.45. The company has a market cap of $10.68 billion, a price-to-earnings ratio of -65.55 and a beta of 1.70.
A number of research firms have recently commented on ARRY. Svb Leerink cut shares of Array Biopharma from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $32.00 to $48.00 in a research note on Tuesday, June 18th. SunTrust Banks cut shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Cowen reaffirmed a “buy” rating and set a $25.00 price objective on shares of Array Biopharma in a research note on Monday, June 17th. Jefferies Financial Group cut shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday, June 17th. Finally, Goldman Sachs Group upped their price objective on shares of Array Biopharma from $27.00 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, June 18th. Nine equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price 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.
Featured Story: Buyback
Want to see what other hedge funds are holding ARRY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Array Biopharma Inc (NASDAQ:ARRY).
Receive News & Ratings for Array Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.