Array Biopharma (NASDAQ:ARRY) received a $22.00 target price from investment analysts at Cowen in a note issued to investors on Wednesday. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Cowen’s price target indicates a potential upside of 46.28% from the stock’s current price.
Several other equities analysts have also recently weighed in on the company. BidaskClub upgraded Array Biopharma from a “strong sell” rating to a “sell” rating in a report on Thursday, October 18th. Zacks Investment Research cut Array Biopharma from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Finally, Guggenheim started coverage on Array Biopharma in a research note on Monday, September 17th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $22.44.
Shares of ARRY opened at $15.04 on Wednesday. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 0.42. Array Biopharma has a 1 year low of $10.21 and a 1 year high of $20.21.
In other Array Biopharma news, Director Lunsen Gil J. Van sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $14.76, for a total value of $265,680.00. Following the sale, the director now owns 37,297 shares in the company, valued at approximately $550,503.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jason Haddock sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $13.92, for a total value of $278,400.00. Following the completion of the sale, the chief financial officer now owns 35,393 shares in the company, valued at approximately $492,670.56. The disclosure for this sale can be found here. Insiders sold a total of 47,687 shares of company stock worth $693,066 in the last 90 days. Company insiders own 2.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC acquired a new position in shares of Array Biopharma during the 2nd quarter worth approximately $101,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Array Biopharma by 107.9% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,614 shares of the biopharmaceutical company’s stock worth $140,000 after purchasing an additional 4,470 shares during the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Array Biopharma during the 3rd quarter worth approximately $164,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Array Biopharma during the 2nd quarter worth approximately $191,000. Finally, Royal Bank of Canada increased its position in shares of Array Biopharma by 266.7% during the 1st quarter. Royal Bank of Canada now owns 12,874 shares of the biopharmaceutical company’s stock worth $211,000 after purchasing an additional 9,363 shares during the last quarter. Hedge funds and other institutional investors own 92.56% of the company’s stock.
Array Biopharma Company Profile
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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