Jefferies Maintains Array Biopharma Inc to Buy with Price Target $7.00

Brokerage firm Jefferies Maintains its rating on Array Biopharma Inc(NASDAQ:ARRY). In a research note issued to the investors, the brokerage major Raises the price-target to $7.00 per share. The shares have been rated Buy. The rating by Jefferies was issued on Aug 29, 2016.

In a different note, On Aug 5, 2016, Stifel Nicolaus said it Maintains its rating on Array Biopharma Inc. In the research note, the firm Raises the price-target to $7.00 per share. The shares have been rated ‘Buy’ by the firm. SunTrust Robinson Humphrey said it Initiates Coverage on Array Biopharma Inc, according to a research note issued on Jun 3, 2016. The shares have been rated ‘Buy’ by the firm.

Array Biopharma Inc (ARRY) made into the market gainers list on Thursdays trading session with the shares advancing 2.62% or 0.09 points. Due to strong positive momentum, the stock ended at $3.52, which is also near the day’s high of $3.68. The stock began the session at $3.66 and the volume stood at 45,31,555 shares. The 52-week high of the shares is $6.01 and the 52 week low is $2.385. The company has a current market capitalization of $510 M and it has 14,50,22,560 shares in outstanding.

Array Biopharma Inc(ARRY) last announced its earnings results on Aug 4, 2016 for Fiscal Year 2016 and Q4.Company reported revenue of $43.20M. Analysts had an estimated revenue of $41.51M. Earnings per share were $-0.17. Analysts had estimated an EPS of $-0.14.

Several Insider Transactions has been reported to the SEC. On May 12, 2015, Charles M Baum (director) sold 25,000 shares at $7.38 per share price.Also, On Mar 4, 2015, Kyle Lefkoff (director) sold 70,000 shares at $8.00 per share price.On Mar 4, 2015, Andrews R Robbins (SVP, Commercial Operations) sold 21,576 shares at $8.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Array BioPharma Inc. is a biopharmaceutical company focused on the discovery development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials is indicated for Kinesin spindle protein (KSP) inhibitor for MM; ARRY-797 in Phase II clinical trials indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials indicated for CRTh2 antagonist for asthma and ARRY-614 in Phase I clinical trials is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS). In addition the Company has 11 ongoing partner-funded clinical programs including two MEK inhibitors which are both in Phase III clinical trials binimetinib with Novartis and selumetinib with AstraZeneca.

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