Peregrine Capital Management LLC Has $25.22 Million Stock Position in Array Biopharma Inc (NASDAQ:ARRY)
Peregrine Capital Management LLC reduced its holdings in Array Biopharma Inc (NASDAQ:ARRY) by 43.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 544,364 shares of the biopharmaceutical company’s stock after selling 417,284 shares during the quarter. Peregrine Capital Management LLC’s holdings in Array Biopharma were worth $25,220,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in ARRY. Spearhead Capital Advisors LLC bought a new position in shares of Array Biopharma during the second quarter worth approximately $202,000. Alpine Global Management LLC bought a new position in Array Biopharma in the second quarter valued at approximately $1,737,000. Havens Advisors LLC bought a new position in Array Biopharma in the second quarter valued at approximately $5,073,000. Zweig DiMenna Associates LLC bought a new position in Array Biopharma in the second quarter valued at approximately $27,364,000. Finally, Syquant Capital Sas bought a new position in Array Biopharma in the second quarter valued at approximately $19,324,000.
In other Array Biopharma news, insider Victor Sandor sold 12,600 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $26.50, for a total value of $333,900.00. Following the sale, the insider now owns 250,292 shares in the company, valued at $6,632,738. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 180,011 shares of company stock worth $4,862,502 in the last 90 days. Company insiders own 2.10% of the company’s stock.
Array Biopharma (NASDAQ:ARRY) last issued its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. Array Biopharma had a negative net margin of 52.64% and a negative return on equity of 48.51%. The firm had revenue of $64.68 million for the quarter, compared to analyst estimates of $54.04 million. During the same quarter last year, the business posted ($0.11) earnings per share. The company’s quarterly revenue was down 2.5% on a year-over-year basis. Research analysts expect that Array Biopharma Inc will post -0.51 earnings per share for the current year.
A number of research analysts recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Huntsman from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Monday, June 17th. Zacks Investment Research raised shares of Garrett Motion from a “sell” rating to a “hold” rating in a research note on Friday, May 10th. Svb Leerink cut shares of Array Biopharma from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $32.00 to $48.00 in a research note on Tuesday, June 18th. Piper Jaffray Companies reissued a “buy” rating on shares of Incyte in a research note on Monday, June 17th. Finally, BidaskClub cut shares of Zai Lab from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Ten analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $37.13.
Array Biopharma Company Profile
Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.
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