Array Biopharma (ARRY) Cut to “Hold” at BidaskClub

Share on StockTwits

Array Biopharma (NASDAQ:ARRY) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, BidAskClub reports.

A number of other analysts have also recently commented on ARRY. Zacks Investment Research raised Array Biopharma from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a research report on Tuesday, January 1st. Piper Jaffray Companies reaffirmed a “positive” rating and set a $28.00 price target on shares of Array Biopharma in a research report on Tuesday, January 15th. Cantor Fitzgerald started coverage on Array Biopharma in a research report on Tuesday, January 15th. They set an “overweight” rating and a $30.00 price target for the company. Finally, Leerink Swann assumed coverage on Array Biopharma in a research report on Thursday, January 17th. They set an “outperform” rating and a $28.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Array Biopharma presently has an average rating of “Buy” and an average price target of $26.50.

Shares of ARRY opened at $22.71 on Wednesday. Array Biopharma has a one year low of $12.56 and a one year high of $25.05. The company has a quick ratio of 6.31, a current ratio of 6.31 and a debt-to-equity ratio of 0.46. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of -31.11 and a beta of 1.40.

Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings results on Tuesday, February 5th. The biopharmaceutical company reported ($0.05) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.16) by $0.11. Array Biopharma had a negative return on equity of 44.37% and a negative net margin of 46.20%. The company had revenue of $82.55 million during the quarter, compared to analysts’ expectations of $52.44 million. During the same quarter in the previous year, the firm posted ($0.17) EPS. The firm’s revenue was up 95.5% compared to the same quarter last year. As a group, equities research analysts expect that Array Biopharma will post -0.62 earnings per share for the current year.

In related news, COO Andrew R. Robbins sold 239,626 shares of Array Biopharma stock in a transaction dated Wednesday, February 6th. The stock was sold at an average price of $20.03, for a total value of $4,799,708.78. Following the completion of the transaction, the chief operating officer now owns 212,120 shares in the company, valued at approximately $4,248,763.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Ron Squarer sold 110,000 shares of Array Biopharma stock in a transaction dated Thursday, February 7th. The shares were sold at an average price of $21.64, for a total value of $2,380,400.00. Following the completion of the transaction, the chief executive officer now owns 348,709 shares of the company’s stock, valued at approximately $7,546,062.76. The disclosure for this sale can be found here. In the last three months, insiders sold 708,602 shares of company stock valued at $14,850,588. Insiders own 2.10% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Array Biopharma by 16.9% in the 4th quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock valued at $451,632,000 after purchasing an additional 4,591,866 shares in the last quarter. Artal Group S.A. increased its stake in shares of Array Biopharma by 31.6% in the 4th quarter. Artal Group S.A. now owns 2,500,000 shares of the biopharmaceutical company’s stock valued at $35,625,000 after purchasing an additional 600,000 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Array Biopharma by 7.5% in the 4th quarter. Geode Capital Management LLC now owns 2,494,726 shares of the biopharmaceutical company’s stock valued at $35,549,000 after purchasing an additional 174,315 shares in the last quarter. Sectoral Asset Management Inc increased its stake in shares of Array Biopharma by 3.4% in the 4th quarter. Sectoral Asset Management Inc now owns 2,165,767 shares of the biopharmaceutical company’s stock valued at $30,862,000 after purchasing an additional 71,600 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Array Biopharma in the 4th quarter valued at about $27,689,000. Hedge funds and other institutional investors own 97.77% 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.

Featured Story: How To Calculate Debt-to-Equity Ratio

Analyst Recommendations for Array Biopharma (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.