Price Action to Note: Array Biopharma Inc Can’t Burn Your Long Portfolio. Just Reaches 52-Week High

Price Action to Note: Array Biopharma Inc Can't Burn Your Long Portfolio. Just Reaches 52 Week High

The stock of Array Biopharma Inc (NASDAQ:ARRY) hit a new 52-week high and has $11.30 target or 55.00% above today’s $7.29 share price. The 5 months bullish chart indicates low risk for the $1.24 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $11.30 price target is reached, the company will be worth $682.00M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.22 million shares traded hands. Array Biopharma Inc (NASDAQ:ARRY) has risen 120.82% since April 15, 2016 and is uptrending. It has outperformed by 116.20% the S&P500.

Array Biopharma Inc (NASDAQ:ARRY) Ratings Coverage

Out of 6 analysts covering Array BioPharma (NASDAQ:ARRY), 6 rate it a “Buy”, 0 “Sell”, while 0 “Hold”. This means 100% are positive. $10 is the highest target while $7 is the lowest. The $8.50 average target is 16.60% above today’s ($7.29) stock price. Array BioPharma has been the topic of 6 analyst reports since June 3, 2016 according to StockzIntelligence Inc. The stock of Array Biopharma Inc (NASDAQ:ARRY) earned “Buy” rating by Stifel Nicolaus on Friday, August 5. SunTrust initiated the stock with “Buy” rating in Friday, June 3 report. The stock has “Buy” rating given by Suntrust Robinson on Friday, June 3. Piper Jaffray maintained Array Biopharma Inc (NASDAQ:ARRY) on Monday, September 26 with “Overweight” rating. Leerink Swann maintained the shares of ARRY in a report on Monday, September 26 with “Outperform” rating. The stock has “Buy” rating given by Jefferies on Monday, August 29.

According to Zacks Investment Research, “Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat life threatening and debilitating diseases. The company’s proprietary drug development pipeline is focused on the treatment of cancer and inflammatory disease and includes clinical candidates that are designed to regulate therapeutically important targets. In addition, leading pharmaceutical and biotechnology companies collaborate with Array to discover and develop drug candidates across a broad range of therapeutic areas.”

Insitutional Activity: The institutional sentiment decreased to 0.7 in 2016 Q2. Its down 0.08, from 0.78 in 2016Q1. The ratio worsened, as 19 funds sold all Array Biopharma Inc shares owned while 42 reduced positions. 11 funds bought stakes while 32 increased positions. They now own 122.55 million shares or 5.45% less from 129.62 million shares in 2016Q1.
Tocqueville Asset L P reported 100,000 shares or 0% of all its holdings. Blackrock Fund Advisors reported 5.25M shares or 0% of all its holdings. Ameritas Prtn Inc has 0% invested in the company for 10,886 shares. The New York-based Art Lc has invested 0.05% in Array Biopharma Inc (NASDAQ:ARRY). Bsw Wealth Prns holds 0.02% of its portfolio in Array Biopharma Inc (NASDAQ:ARRY) for 10,000 shares. Moreover, Bnp Paribas Arbitrage has 0% invested in Array Biopharma Inc (NASDAQ:ARRY) for 5,622 shares. Bvf Il has 6.27% invested in the company for 8.26 million shares. Pub Employees Retirement Association Of Colorado has invested 0% of its portfolio in Array Biopharma Inc (NASDAQ:ARRY). Fmr Limited Company holds 13.16M shares or 0.01% of its portfolio. Legal And General Grp Inc Public Ltd Llc holds 0% of its portfolio in Array Biopharma Inc (NASDAQ:ARRY) for 23,211 shares. Moreover, Kopp Invest Advsr Ltd Liability Corporation has 0.68% invested in Array Biopharma Inc (NASDAQ:ARRY) for 360,282 shares. Deerfield Com accumulated 8.36 million shares or 1.17% of the stock. The Iowa-based Principal Gru has invested 0% in Array Biopharma Inc (NASDAQ:ARRY). Parametric Port Associates Ltd Liability Corporation, a Washington-based fund reported 79,142 shares. Vanguard Gp Inc, a Pennsylvania-based fund reported 8.68 million shares.

Insider Transactions: Since September 28, 2016, the stock had 0 insider purchases, and 1 insider sale for $15.85 million net activity. Redmile Group – LLC sold 2.49 million shares worth $15.85 million.

Another recent and important Array Biopharma Inc (NASDAQ:ARRY) news was published by Prnewswire.com which published an article titled: “Array BioPharma Reports Financial Results For The First Quarter Of Fiscal 2017” on November 01, 2016.

ARRY Company Profile

Array BioPharma Inc. (Array), incorporated on February 6, 1998, is a biopharmaceutical firm focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Firm has approximately five registration studies that are advancing. The Company’s programs include approximately three cancer drugs, binimetinib (MEK162), encorafenib (LGX818) and selumetinib (partnered with AstraZeneca). Binimetinib is a mitogen-activated protein kinase (MEK) inhibitor for cancer, which is in Phase III trial; encorafenib is a BRAF inhibitor for cancer, which is in Phase III trial, and selumetinib is a MEK inhibitor for cancer, which is in Phase III trial.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment