Cantor Fitzgerald lowered shares of Array Biopharma (NASDAQ:ARRY) from an overweight rating to a neutral rating in a report issued on Monday, BenzingaRatingsTable reports. Cantor Fitzgerald currently has $48.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $34.00.
Several other analysts also recently issued reports on ARRY. Zacks Investment Research raised shares of Garrett Motion from a sell rating to a hold rating in a research report on Friday, May 10th. SunTrust Banks lowered their price objective on shares of Malibu Boats to $48.00 and set a buy rating for the company in a research report on Monday, June 17th. Wells Fargo & Co reaffirmed a hold rating and issued a $68.00 price objective (up previously from $65.00) on shares of Colgate-Palmolive in a research report on Monday, June 17th. Piper Jaffray Companies reaffirmed a buy rating on shares of Incyte in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. set a €55.00 ($63.95) price objective on shares of Lanxess and gave the company a buy rating in a research report on Thursday, March 14th. Ten investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Array Biopharma has a consensus rating of Hold and an average price target of $35.23.
NASDAQ ARRY opened at $46.82 on Monday. Array Biopharma has a one year low of $12.56 and a one year high of $47.05. The firm has a 50 day simple moving average of $37.30. The company has a debt-to-equity ratio of 0.45, a current ratio of 5.70 and a quick ratio of 5.65. The stock has a market capitalization of $10.44 billion, a price-to-earnings ratio of -64.14 and a beta of 1.70.
In other news, insider Victor Sandor sold 40,634 shares of the firm’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 transaction of $1,076,801.00. Following the completion of the sale, the insider now owns 278,326 shares of the company’s stock, valued at $7,375,639. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 180,011 shares of company stock valued at $4,862,502 in the last three months. Corporate insiders own 2.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ARRY. FMR LLC grew its position in shares of Array Biopharma by 16.9% during the fourth quarter. FMR LLC now owns 31,693,502 shares of the biopharmaceutical company’s stock worth $451,632,000 after buying an additional 4,591,866 shares in the last quarter. Marshall Wace North America L.P. grew its position in shares of Array Biopharma by 19,428.9% during the first quarter. Marshall Wace North America L.P. now owns 2,554,381 shares of the biopharmaceutical company’s stock worth $62,275,000 after buying an additional 2,541,301 shares in the last quarter. Norges Bank acquired a new stake in shares of Array Biopharma during the fourth quarter worth approximately $27,689,000. Great Point Partners LLC acquired a new stake in shares of Array Biopharma during the fourth quarter worth approximately $26,363,000. Finally, Gilder Gagnon Howe & Co. LLC acquired a new stake in shares of Array Biopharma during the first quarter worth approximately $29,776,000.
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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