Array Biopharma’s (ARRY) “Buy” Rating Reaffirmed at Cowen

Share on StockTwits

Array Biopharma (NASDAQ:ARRY)‘s stock had its “buy” rating reaffirmed by equities research analysts at Cowen in a report issued on Monday, AnalystRatings.com reports. They currently have a $25.00 price target on the biopharmaceutical company’s stock. Cowen’s target price would suggest a potential downside of 46.17% from the company’s current price.

Other equities research analysts have also issued research reports about the stock. BidaskClub lowered shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Piper Jaffray Companies lowered shares of Array Biopharma from an “overweight” rating to a “neutral” rating in a research note on Monday. Wells Fargo & Co downgraded shares of Array Biopharma from an “outperform” rating to a “market perform” rating in a report on Monday. Jefferies Financial Group downgraded shares of Array Biopharma from a “buy” rating to a “hold” rating in a report on Monday. Finally, SunTrust Banks downgraded shares of Array Biopharma from a “buy” rating to a “hold” rating in a report on Monday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Array Biopharma has a consensus rating of “Hold” and a consensus price target of $32.09.

Shares of NASDAQ:ARRY opened at $46.44 on Monday. The firm’s fifty day moving average is $25.79. The firm has a market cap of $6.56 billion, a price-to-earnings ratio of -63.62 and a beta of 1.15. Array Biopharma has a 12-month low of $12.56 and a 12-month high of $47.05. The company has a quick ratio of 5.65, a current ratio of 5.70 and a debt-to-equity ratio of 0.45.

Array Biopharma (NASDAQ:ARRY) last issued its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The company had revenue of $64.68 million during the quarter, compared to analyst estimates of $54.04 million. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.11) EPS. Sell-side analysts expect that Array Biopharma will post -0.51 earnings per share for the current year.

In other news, insider Victor Sandor sold 36,134 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $27.58, for a total transaction of $996,575.72. Following the transaction, the insider now owns 225,271 shares in the company, valued at approximately $6,212,974.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 180,011 shares of company stock worth $4,862,502 in the last 90 days. 2.10% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the company. Cornerstone Advisors Inc. increased its holdings in shares of Array Biopharma by 38.2% during the 1st quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after purchasing an additional 615 shares during the period. Bank of Montreal Can increased its holdings in shares of Array Biopharma by 47.3% during the 4th quarter. Bank of Montreal Can now owns 5,879 shares of the biopharmaceutical company’s stock worth $83,000 after purchasing an additional 1,888 shares during the period. Advisory Services Network LLC bought a new position in shares of Array Biopharma during the 1st quarter worth about $84,000. Advisor Group Inc. increased its holdings in shares of Array Biopharma by 39.2% during the 4th quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock worth $88,000 after purchasing an additional 1,720 shares during the period. Finally, Raymond James & Associates bought a new position in shares of Array Biopharma during the 4th quarter worth about $147,000.

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.

Further Reading: Price to Earnings Ratio (PE)

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.