Array BioPharma Inc. (ARRY) Given Consensus Rating of “Buy” by Analysts

Array BioPharma Inc. (ARRY) Given Consensus Rating of “Buy” by Analysts

Array BioPharma Inc. (NASDAQ:ARRY) has earned an average rating of “Buy” from the nine ratings firms that are currently covering the company. Nine investment analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $9.89.

ARRY has been the topic of a number of recent research reports. Piper Jaffray Companies set a $15.00 price objective on Array BioPharma and gave the company a “buy” rating in a research report on Tuesday, January 17th. Zacks Investment Research raised Array BioPharma from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Friday, January 13th. Jefferies Group LLC reissued a “buy” rating and issued a $8.00 price target on shares of Array BioPharma in a report on Friday, November 11th. Finally, Cowen and Company initiated coverage on Array BioPharma in a report on Friday, November 4th. They issued an “outperform” rating and a $10.00 price target for the company.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new position in shares of Array BioPharma during the fourth quarter valued at $619,000. Price T Rowe Associates Inc. MD bought a new position in shares of Array BioPharma during the third quarter valued at $980,000. Quantitative Systematic Strategies LLC bought a new position in shares of Array BioPharma during the third quarter valued at $383,000. Cornerstone Capital Management Holdings LLC. boosted its position in shares of Array BioPharma by 20.4% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 168,300 shares of the biopharmaceutical company’s stock valued at $1,135,000 after buying an additional 28,500 shares in the last quarter. Finally, Highbridge Capital Management LLC boosted its position in shares of Array BioPharma by 314.4% in the third quarter. Highbridge Capital Management LLC now owns 144,790 shares of the biopharmaceutical company’s stock valued at $977,000 after buying an additional 109,852 shares in the last quarter. Institutional investors own 88.10% of the company’s stock.

Array BioPharma (NASDAQ:ARRY) traded up 0.90% during midday trading on Friday, hitting $11.15. 1,090,418 shares of the stock traded hands. Array BioPharma has a 12 month low of $2.38 and a 12 month high of $11.65. The stock’s market cap is $1.88 billion. The company has a 50-day moving average of $9.43 and a 200-day moving average of $6.20.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, November 1st. The biopharmaceutical company reported ($0.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by $0.04. The company earned $39.30 million during the quarter, compared to the consensus estimate of $32.47 million. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. Array BioPharma’s quarterly revenue was up 142.4% compared to the same quarter last year. On average, equities research analysts anticipate that Array BioPharma will post ($0.77) earnings per share for the current year.

Array BioPharma Company Profile

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).

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