Array BioPharma (ARRY) Price Target Increased to $13.00 by Analysts at Jefferies Group

Array BioPharma (NASDAQ:ARRY) had its price objective raised by equities research analysts at Jefferies Group to $13.00 in a note issued to investors on Friday. The firm presently has a "buy" rating on the biopharmaceutical company’s stock. Jefferies Group’s price objective would indicate a potential upside of 5.95% from the company’s previous close.

Several other analysts have also recently commented on the company. BidaskClub upgraded Array BioPharma from a "sell" rating to a "hold" rating in a report on Friday. SunTrust Banks restated a "buy" rating and set a $16.00 target price on shares of Array BioPharma in a research note on Wednesday, November 1st. Stifel Nicolaus reiterated a "buy" rating on shares of Array BioPharma in a research report on Wednesday, November 1st. Cantor Fitzgerald set a $15.00 price objective on Array BioPharma and gave the stock a "buy" rating in a research report on Tuesday, October 31st. Finally, Piper Jaffray Companies reiterated an "overweight" rating and issued a $18.00 price objective (up previously from $14.00) on shares of Array BioPharma in a research report on Wednesday, September 20th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Array BioPharma has a consensus rating of "Buy" and an average target price of $14.10.

Shares of Array BioPharma traded up $1.07 during trading on Friday, reaching $12.27. 7,944,938 shares of the company’s stock traded hands, compared to its average volume of 2,854,479. The stock has a market capitalization of $2,206.71, a price-to-earnings ratio of -16.58 and a beta of 1.92. Array BioPharma has a one year low of $6.73 and a one year high of $13.40. The company has a debt-to-equity ratio of 0.54, a current ratio of 5.43 and a quick ratio of 5.43.

Array BioPharma (NASDAQ:ARRY) last released its earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, meeting analysts’ consensus estimates of ($0.22). The company had revenue of $29.75 million during the quarter, compared to the consensus estimate of $33.74 million. Array BioPharma had a negative return on equity of 158.70% and a negative net margin of 89.30%. Array BioPharma’s quarterly revenue was down 24.2% compared to the same quarter last year. During the same quarter last year, the company earned ($0.20) earnings per share. sell-side analysts predict that Array BioPharma will post -0.99 earnings per share for the current year.

In other news, Director Kyle Lefkoff sold 38,865 shares of Array BioPharma stock in a transaction on Friday, September 29th. The stock was sold at an average price of $12.31, for a total value of $478,428.15. Following the completion of the sale, the director now directly owns 51,585 shares of the company’s stock, valued at approximately $635,011.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Andrew R. Robbins sold 282,874 shares of Array BioPharma stock in a transaction on Monday, December 18th. The shares were sold at an average price of $10.72, for a total value of $3,032,409.28. The disclosure for this sale can be found here. Insiders sold a total of 1,141,410 shares of company stock valued at $12,412,464 over the last three months. Insiders own 3.18% of the company’s stock.

Large investors have recently bought and sold shares of the company. Northern Trust Corp boosted its holdings in shares of Array BioPharma by 8.5% during the second quarter. Northern Trust Corp now owns 2,130,493 shares of the biopharmaceutical company’s stock worth $17,832,000 after acquiring an additional 166,031 shares during the period. Marshall Wace North America L.P. boosted its stake in shares of Array BioPharma by 4.6% in the second quarter. Marshall Wace North America L.P. now owns 677,109 shares of the biopharmaceutical company’s stock valued at $5,417,000 after buying an additional 29,543 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Array BioPharma by 6.4% in the second quarter. New York State Common Retirement Fund now owns 195,300 shares of the biopharmaceutical company’s stock valued at $1,635,000 after buying an additional 11,699 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Array BioPharma by 12.8% in the second quarter. Nationwide Fund Advisors now owns 125,993 shares of the biopharmaceutical company’s stock valued at $1,055,000 after buying an additional 14,254 shares during the period. Finally, BlackRock Inc. boosted its stake in shares of Array BioPharma by 1.0% in the second quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock valued at $108,765,000 after buying an additional 125,563 shares during the period. Institutional investors and hedge funds own 98.13% of the company’s stock.

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).