Cornerstone Capital Management Holdings LLC. raised its position in Array BioPharma Inc. (NASDAQ:ARRY) by 96.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,555 shares of the biopharmaceutical company’s stock after buying an additional 39,955 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Array BioPharma were worth $728,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its stake in Array BioPharma by 41.4% in the fourth quarter. State Street Corp now owns 6,427,728 shares of the biopharmaceutical company’s stock valued at $56,498,000 after buying an additional 1,883,249 shares during the last quarter. Franklin Resources Inc. raised its stake in Array BioPharma by 28.8% in the fourth quarter. Franklin Resources Inc. now owns 5,578,760 shares of the biopharmaceutical company’s stock valued at $49,037,000 after buying an additional 1,247,660 shares during the last quarter. Cambiar Investors LLC raised its stake in Array BioPharma by 145.1% in the first quarter. Cambiar Investors LLC now owns 1,960,432 shares of the biopharmaceutical company’s stock valued at $17,526,000 after buying an additional 1,160,516 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Array BioPharma during the first quarter valued at approximately $8,497,000. Finally, UBS Asset Management Americas Inc. raised its stake in Array BioPharma by 937.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 853,469 shares of the biopharmaceutical company’s stock valued at $7,502,000 after buying an additional 771,189 shares during the last quarter. 97.59% of the stock is currently owned by institutional investors and hedge funds.
Shares of Array BioPharma Inc. (NASDAQ ARRY) opened at 8.76 on Friday. The company has a 50-day moving average of $7.88 and a 200 day moving average of $9.34. Array BioPharma Inc. has a 12-month low of $3.10 and a 12-month high of $13.40. The firm’s market cap is $1.50 billion.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by $0.05. The company had revenue of $33.28 million for the quarter, compared to analyst estimates of $38.28 million. The business’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.16) earnings per share. Equities research analysts anticipate that Array BioPharma Inc. will post ($0.76) earnings per share for the current fiscal year.
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ARRY has been the topic of several analyst reports. Vetr raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating and set a $9.99 price target on the stock in a research report on Monday, March 13th. Cowen and Company reduced their price target on shares of Array BioPharma to $14.00 and set an “outperform” rating on the stock in a research report on Monday, March 20th. J P Morgan Chase & Co set a $9.00 price target on shares of Array BioPharma and gave the company a “hold” rating in a research report on Monday, March 20th. Jefferies Group LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of Array BioPharma in a research report on Wednesday, March 29th. Finally, Piper Jaffray Companies set a $14.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research report on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $11.54.
In other Array BioPharma news, Director Charles M. Baum sold 25,000 shares of the stock in a transaction that occurred on Tuesday, March 28th. The shares were sold at an average price of $9.27, for a total transaction of $231,750.00. Following the transaction, the director now owns 30,000 shares of the company’s stock, valued at $278,100. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.60% 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).
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