Voya Investment Management LLC grew its stake in Array BioPharma Inc. (NASDAQ:ARRY) by 20.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,175 shares of the biopharmaceutical company’s stock after purchasing an additional 13,602 shares during the quarter. Voya Investment Management LLC’s holdings in Array BioPharma were worth $671,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in ARRY. BlackRock Inc. grew its position in shares of Array BioPharma by 38,275.2% in the first quarter. BlackRock Inc. now owns 12,869,137 shares of the biopharmaceutical company’s stock valued at $115,049,000 after purchasing an additional 12,835,602 shares during the period. Vanguard Group Inc. grew its position in shares of Array BioPharma by 56.8% in the first quarter. Vanguard Group Inc. now owns 16,993,415 shares of the biopharmaceutical company’s stock valued at $151,921,000 after purchasing an additional 6,156,120 shares during the period. Franklin Resources Inc. grew its position in shares of Array BioPharma by 48.4% in the second quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock valued at $74,920,000 after purchasing an additional 2,918,156 shares during the period. State Street Corp grew its position in shares of Array BioPharma by 28.6% in the first quarter. State Street Corp now owns 8,264,775 shares of the biopharmaceutical company’s stock valued at $73,882,000 after purchasing an additional 1,837,047 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in shares of Array BioPharma by 149.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,086,240 shares of the biopharmaceutical company’s stock valued at $9,711,000 after purchasing an additional 651,057 shares during the period. Institutional investors and hedge funds own 85.61% of the company’s stock.
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Several analysts have recently issued reports on ARRY shares. Cowen and Company reiterated an “outperform” rating and issued a $15.00 target price (up previously from $14.00) on shares of Array BioPharma in a research report on Monday, September 11th. BidaskClub upgraded shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Cantor Fitzgerald reiterated a “buy” rating and issued a $15.00 target price on shares of Array BioPharma in a research report on Tuesday, September 26th. Piper Jaffray Companies reissued an “overweight” rating and issued a $18.00 price target (up from $14.00) on shares of Array BioPharma in a research note on Wednesday, September 20th. Finally, Stifel Nicolaus reissued a “buy” rating on shares of Array BioPharma in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $13.65.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.22). The firm had revenue of $29.75 million for the quarter, compared to analysts’ expectations of $33.74 million. Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 413.87%. The firm’s revenue was down 24.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.20) EPS.
In related news, Director Kyle Lefkoff sold 38,865 shares of the stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $12.31, for a total value of $478,428.15. Following the sale, the director now directly owns 51,585 shares of the company’s stock, valued at approximately $635,011.35. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 3.18% of the stock is currently owned by corporate insiders.
About Array BioPharma
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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