Array Biopharma (NASDAQ:ARRY) Stock Rating Lowered by JPMorgan Chase & Co.

Array Biopharma (NASDAQ:ARRY) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Friday, Marketbeat.com reports. They currently have a $48.00 target price on the biopharmaceutical company’s stock, up from their previous target price of $29.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 2.87% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Leerink Swann cut shares of Array Biopharma from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $32.00 to $46.25 in a research report on Tuesday, June 18th. Zacks Investment Research raised shares of Garrett Motion from a “sell” rating to a “hold” rating in a research report on Friday, May 10th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $68.00 price objective (up from $65.00) on shares of Colgate-Palmolive in a research report on Monday, June 17th. SunTrust Banks cut their price objective on shares of Malibu Boats to $48.00 and set a “buy” rating on the stock in a research report on Monday, June 17th. Finally, Svb Leerink cut shares of Array Biopharma from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $32.00 to $48.00 in a research report on Tuesday, June 18th. Ten investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Array Biopharma currently has an average rating of “Hold” and a consensus target price of $37.13.

Shares of ARRY stock opened at $46.66 on Friday. Array Biopharma has a 12-month low of $12.56 and a 12-month high of $47.05. 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 company has a fifty day moving average price of $37.71.

Array Biopharma (NASDAQ:ARRY) last announced its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $54.04 million. During the same quarter in the previous year, the business earned ($0.11) EPS. The firm’s revenue was down 2.5% on a year-over-year basis. Equities analysts expect that Array Biopharma will post -0.51 EPS for the current fiscal year.

In other Array Biopharma news, insider Victor Sandor sold 74,915 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $27.00, for a total transaction of $2,022,705.00. Following the sale, the insider now directly owns 278,326 shares of the company’s stock, valued at approximately $7,514,802. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold a total of 180,011 shares of company stock worth $4,862,502 over the last ninety days. 2.10% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Cornerstone Advisors Inc. lifted its position in Array Biopharma by 38.2% during the 1st 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 bought a new stake in Array Biopharma during the 1st quarter worth about $84,000. Advisor Group Inc. lifted its position in Array Biopharma by 39.2% during the 4th quarter. Advisor Group Inc. now owns 6,105 shares of the biopharmaceutical company’s stock worth $88,000 after buying an additional 1,720 shares in the last quarter. CIBC Private Wealth Group LLC bought a new stake in Array Biopharma during the 1st quarter worth about $245,000. Finally, Raymond James & Associates bought a new stake in Array Biopharma during the 4th quarter worth about $147,000.

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.

See Also: What is range trading?

Analyst Recommendations for Array Biopharma (NASDAQ:ARRY)

Receive News & Ratings for Array Biopharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array Biopharma and related companies with MarketBeat.com's FREE daily email newsletter.