Array Biopharma (NASDAQ:ARRY) Cut to “Hold” at Jefferies Financial Group

Array Biopharma (NASDAQ:ARRY) was downgraded by research analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research note issued on Monday, The Fly reports.

A number of other research analysts have also recently issued reports on the stock. Piper Jaffray Companies cut shares of Array Biopharma from an “overweight” rating to a “neutral” rating in a research note on Monday. SunTrust Banks cut shares of Array Biopharma from a “buy” rating to a “hold” rating in a research note on Monday. Wells Fargo & Co cut shares of Array Biopharma from an “outperform” rating to a “market perform” rating in a research note on Monday. Cantor Fitzgerald lifted their target price on shares of Array Biopharma from $30.00 to $34.00 and gave the company an “overweight” rating in a research note on Wednesday, May 22nd. Finally, Zacks Investment Research upgraded shares of Array Biopharma from a “hold” rating to a “buy” rating and set a $25.00 target price for the company in a research note on Friday, May 10th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $28.70.

NASDAQ ARRY traded up $17.01 during trading on Monday, reaching $46.60. 4,233,107 shares of the company traded hands, compared to its average volume of 3,921,358. Array Biopharma has a 1-year low of $12.56 and a 1-year high of $29.81. The stock has a 50 day moving average price of $25.06. The company has a debt-to-equity ratio of 0.45, a quick ratio of 5.65 and a current ratio of 5.70. The firm has a market capitalization of $6.56 billion, a P/E ratio of -63.64 and a beta of 1.15.

Array Biopharma (NASDAQ:ARRY) last posted 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. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The company had revenue of $64.68 million during the quarter, compared to analysts’ expectations of $54.04 million. During the same quarter in the previous year, the company posted ($0.11) earnings per share. Array Biopharma’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts forecast that Array Biopharma will post -0.51 earnings per share for the current fiscal year.

In related news, insider Victor Sandor sold 40,634 shares of the business’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $26.50, for a total value of $1,076,801.00. Following the completion of the transaction, the insider now owns 278,326 shares in the company, valued at approximately $7,375,639. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 180,011 shares of company stock valued at $4,862,502 in the last 90 days. 2.10% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of ARRY. Bank of Montreal Can raised its position 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 valued at $83,000 after acquiring an additional 1,888 shares during the last quarter. Rhumbline Advisers raised its position in shares of Array Biopharma by 49.3% during the 4th quarter. Rhumbline Advisers now owns 279,658 shares of the biopharmaceutical company’s stock valued at $3,985,000 after acquiring an additional 92,402 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Array Biopharma by 1.7% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 100,714 shares of the biopharmaceutical company’s stock valued at $1,435,000 after acquiring an additional 1,710 shares during the last quarter. TD Asset Management Inc. raised its position in shares of Array Biopharma by 32.1% during the 4th quarter. TD Asset Management Inc. now owns 145,949 shares of the biopharmaceutical company’s stock valued at $2,080,000 after acquiring an additional 35,500 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Array Biopharma by 65.0% during the 4th quarter. Prudential Financial Inc. now owns 406,847 shares of the biopharmaceutical company’s stock valued at $5,686,000 after acquiring an additional 160,220 shares during the last quarter.

About Array Biopharma

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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