Array Biopharma (NASDAQ:ARRY) Lowered to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Array Biopharma (NASDAQ:ARRY) from an overweight rating to a neutral rating in a report released on Friday, Benzinga reports. JPMorgan Chase & Co. currently has $48.00 price target on the biopharmaceutical company’s stock, up from their prior price target of $29.00.

ARRY has been the topic of several other research reports. Zacks Investment Research upgraded Garrett Motion from a sell rating to a hold rating in a research report on Friday, May 10th. BidaskClub downgraded Zai Lab from a hold rating to a sell rating in a research report on Wednesday, May 1st. SunTrust Banks decreased their target price on Malibu Boats to $48.00 and set a buy rating on the stock in a research report on Monday, June 17th. Cantor Fitzgerald raised their target price on Cerner from $75.00 to $85.00 and gave the company an overweight rating in a research report on Monday, July 8th. Finally, Goldman Sachs Group set a €42.60 ($49.53) target price on Deutsche Wohnen and gave the company a neutral rating in a research report on Tuesday, June 18th. Ten equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $37.13.

Shares of ARRY opened at $46.42 on Friday. The company has a current ratio of 5.70, a quick ratio of 5.65 and a debt-to-equity ratio of 0.45. Array Biopharma has a 12 month low of $12.56 and a 12 month high of $47.05. The firm has a 50 day simple moving average of $38.89.

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

In related news, insider Victor Sandor sold 36,134 shares of Array Biopharma stock in a transaction that occurred on Monday, June 3rd. The stock was 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 $6,212,974.18. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last quarter, insiders have sold 180,011 shares of company stock worth $4,862,502. 2.10% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in ARRY. Cornerstone Advisors Inc. lifted its position in Array Biopharma by 38.2% during the first quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock worth $54,000 after buying an additional 615 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Array Biopharma in the first quarter valued at $84,000. Advisor Group Inc. raised its position in Array Biopharma by 39.2% in the fourth quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock valued at $88,000 after purchasing an additional 1,720 shares during the period. Raymond James & Associates purchased a new stake in Array Biopharma in the fourth quarter valued at $147,000. Finally, GSA Capital Partners LLP purchased a new stake in Array Biopharma in the fourth quarter valued at $166,000.

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.

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