Array BioPharma (ARRY) Stock Price Down 5.4% Following Insider Selling

Array BioPharma Inc. (NASDAQ:ARRY) shares traded down 5.4% during trading on Tuesday following insider selling activity. The company traded as low as $12.82 and last traded at $12.97. 2,829,227 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 3,809,533 shares. The stock had previously closed at $13.71.

Specifically, CEO Ron Squarer sold 819,671 shares of the company’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $10.86, for a total value of $8,901,627.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jason Haddock sold 7,500 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $13.73, for a total transaction of $102,975.00. The disclosure for this sale can be found here. In the last three months, insiders sold 1,110,045 shares of company stock valued at $12,037,011. Corporate insiders own 3.18% of the company’s stock.

A number of brokerages have recently issued reports on ARRY. Cantor Fitzgerald set a $15.00 price objective on shares of Array BioPharma and gave the company a “buy” rating in a research note on Wednesday, January 3rd. BidaskClub raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, December 22nd. Zacks Investment Research cut shares of Array BioPharma from a “hold” rating to a “sell” rating in a research note on Thursday, January 4th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $18.00 price objective (up previously from $14.00) on shares of Array BioPharma in a research note on Wednesday, September 20th. Finally, Jefferies Group upped their price objective on shares of Array BioPharma to $13.00 and gave the company a “buy” rating in a research note on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $14.10.

The company has a debt-to-equity ratio of 0.54, a quick ratio of 5.43 and a current ratio of 5.43. The stock has a market capitalization of $2,560.00, a price-to-earnings ratio of -17.53 and a beta of 1.91.

Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings results on Tuesday, October 31st. The biopharmaceutical company reported ($0.22) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.22). Array BioPharma had a negative net margin of 89.30% and a negative return on equity of 158.70%. The company had revenue of $29.75 million during the quarter, compared to analyst estimates of $33.74 million. During the same period in the prior year, the business posted ($0.20) EPS. The firm’s revenue was down 24.2% compared to the same quarter last year. sell-side analysts anticipate that Array BioPharma Inc. will post -0.99 earnings per share for the current fiscal year.

A number of large investors have recently bought and sold shares of the stock. North Star Investment Management Corp. raised its holdings in Array BioPharma by 26.0% during the 4th quarter. North Star Investment Management Corp. now owns 63,000 shares of the biopharmaceutical company’s stock valued at $806,000 after buying an additional 13,000 shares during the last quarter. 683 Capital Management LLC bought a new stake in Array BioPharma during the 3rd quarter valued at $6,150,000. Neuberger Berman Group LLC bought a new stake in Array BioPharma during the 3rd quarter valued at $775,000. Janney Montgomery Scott LLC raised its holdings in Array BioPharma by 26.6% in the 3rd quarter. Janney Montgomery Scott LLC now owns 30,700 shares of the biopharmaceutical company’s stock worth $378,000 after purchasing an additional 6,450 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in Array BioPharma by 274.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 9,008,999 shares of the biopharmaceutical company’s stock worth $110,811,000 after purchasing an additional 6,602,999 shares in the last quarter. Institutional investors own 98.13% of the company’s stock.

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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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