Array BioPharma Inc. (NASDAQ:ARRY) received a $15.00 price target from equities researchers at Piper Jaffray Cos. in a report issued on Tuesday. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Piper Jaffray Cos.’s target price suggests a potential upside of 33.33% from the stock’s current price.
Several other equities analysts have also issued reports on the company. Zacks Investment Research upgraded Array BioPharma from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Friday, January 13th. Jefferies Group reissued a “buy” rating and set a $8.00 price objective on shares of Array BioPharma in a report on Friday, November 11th. Cowen and Company started coverage on Array BioPharma in a report on Friday, November 4th. They set an “outperform” rating and a $10.00 price objective on the stock. JPMorgan Chase & Co. reissued an “overweight” rating and set a $8.00 price objective (up previously from $6.00) on shares of Array BioPharma in a report on Tuesday, September 27th. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $13.00 price objective on shares of Array BioPharma in a report on Monday, September 26th. Nine research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus price target of $9.89.
Shares of Array BioPharma (NASDAQ:ARRY) opened at 11.25 on Tuesday. The company’s market cap is $1.90 billion. The company has a 50-day moving average price of $9.00 and a 200-day moving average price of $5.95. Array BioPharma has a 12-month low of $2.38 and a 12-month high of $11.65.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, November 1st. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.04. The firm earned $39.30 million during the quarter, compared to the consensus estimate of $32.47 million. During the same quarter last year, the firm posted ($0.15) EPS. The business’s revenue was up 142.4% on a year-over-year basis. On average, analysts predict that Array BioPharma will post ($0.77) earnings per share for the current year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Prudential Financial Inc. increased its position in shares of Array BioPharma by 6.5% in the third quarter. Prudential Financial Inc. now owns 15,177 shares of the biopharmaceutical company’s stock worth $102,000 after buying an additional 920 shares in the last quarter. Aperio Group LLC increased its position in shares of Array BioPharma by 13.6% in the third quarter. Aperio Group LLC now owns 16,494 shares of the biopharmaceutical company’s stock worth $111,000 after buying an additional 1,978 shares in the last quarter. Gotham Asset Management LLC acquired a new position in shares of Array BioPharma during the third quarter worth about $113,000. Dimensional Fund Advisors LP acquired a new position in shares of Array BioPharma during the second quarter worth about $114,000. Finally, BlackRock Inc. increased its position in shares of Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock worth $120,000 after buying an additional 24,349 shares in the last quarter. 88.08% of the stock is currently owned by institutional investors.
About Array BioPharma
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).