Stocks: Canada Pension Plan Investment Board Purchases Shares of 950,500 Array Biopharma Inc (ARRY)

Stocks: Canada Pension Plan Investment Board Purchases Shares of 950,500 Array Biopharma Inc (ARRY)

Canada Pension Plan Investment Board purchased a new position in shares of Array Biopharma Inc (NASDAQ:ARRY) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 950,500 shares of the biopharmaceutical company’s stock, valued at approximately $8,497,000. Canada Pension Plan Investment Board owned about 0.56% of Array Biopharma at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. FMR LLC raised its position in shares of Array Biopharma by 1.2% in the fourth quarter. FMR LLC now owns 24,800,136 shares of the biopharmaceutical company’s stock worth $217,993,000 after buying an additional 286,752 shares during the last quarter. Orbimed Advisors LLC raised its position in shares of Array Biopharma by 13.5% in the fourth quarter. Orbimed Advisors LLC now owns 16,088,800 shares of the biopharmaceutical company’s stock worth $141,421,000 after buying an additional 1,908,900 shares during the last quarter. State Street Corp raised its position in shares of Array Biopharma by 41.4% in the fourth quarter. State Street Corp now owns 6,427,728 shares of the biopharmaceutical company’s stock worth $56,498,000 after buying an additional 1,883,249 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Array Biopharma by 7.2% in the third quarter. BlackRock Fund Advisors now owns 5,623,151 shares of the biopharmaceutical company’s stock worth $37,956,000 after buying an additional 375,851 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Array Biopharma by 28.8% in the fourth quarter. Franklin Resources Inc. now owns 5,578,760 shares of the biopharmaceutical company’s stock worth $49,037,000 after buying an additional 1,247,660 shares during the last quarter. 88.58% of the stock is currently owned by institutional investors and hedge funds.

Array Biopharma Inc (NASDAQ:ARRY) traded up 1.411% during mid-day trading on Friday, hitting $8.265. 465,328 shares of the stock traded hands. The stock has a 50-day moving average price of $8.45 and a 200-day moving average price of $9.10. Array Biopharma Inc has a 12 month low of $2.70 and a 12 month high of $13.40. The stock’s market cap is $1.40 billion.

Array Biopharma (NASDAQ:ARRY) last issued its quarterly earnings results on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.05. The business had revenue of $33.28 million for the quarter, compared to the consensus estimate of $38.28 million. During the same period in the previous year, the company earned ($0.16) earnings per share. The firm’s revenue for the quarter was down 22.7% compared to the same quarter last year. On average, equities analysts forecast that Array Biopharma Inc will post ($0.76) earnings per share for the current year.

A number of brokerages have recently weighed in on ARRY. Jefferies Group LLC set a $8.00 price objective on Array Biopharma and gave the company a “buy” rating in a research report on Saturday, May 6th. JPMorgan Chase & Co. upgraded Array Biopharma from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $9.00 to $10.00 in a research report on Wednesday, May 3rd. Vetr lowered Array Biopharma from a “strong-buy” rating to a “buy” rating and set a $9.88 price target for the company. in a research report on Monday, April 3rd. Cowen and Company dropped their price target on Array Biopharma to $14.00 and set an “outperform” rating for the company in a research report on Monday, March 20th. Finally, Cantor Fitzgerald set a $13.00 price target on Array Biopharma and gave the stock a “buy” rating in a research report on Thursday, February 9th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $11.19.

In other Array Biopharma news, Director Charles M. Baum sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The shares were sold at an average price of $9.27, for a total value of $231,750.00. Following the completion of the transaction, the director now owns 30,000 shares of the company’s stock, valued at approximately $278,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

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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