After Guggenheim and Piper Jaffray gave Array Biopharma (NASDAQ: ARRY) a Buy rating last month, the company received another Buy, this time from Cowen & Co. Analyst Chris Shibutani maintained a Buy rating on Array Biopharma today and set a price target of $25. The company’s shares opened today at $22.
According to TipRanks.com, Shibutani is a 2-star analyst with an average return of 0.7% and a 40.5% success rate. Shibutani covers the Healthcare sector, focusing on stocks such as Syndax Pharmaceuticals Inc, Five Prime Therapeutics, and Pieris Pharmaceuticals.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Array Biopharma with a $31 average price target, representing a 40.9% upside. In a report issued on May 7, Guggenheim also maintained a Buy rating on the stock with a $36 price target.
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Based on Array Biopharma’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $37.49 million. In comparison, last year the company had a GAAP net loss of $22.85 million.
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Array BioPharma, Inc. engages in the research, development, and commercialization of targeted small molecule drugs for the treatment of cancer and other high-burden diseases. Its portfolio includes Binimetinib, Selumetinib, Encorafenib, Filanesib, Ipatasertib, Varltinib, Danoprevir, ARRY-797, Larotrectinib, Tucatinib, ARRY-382, Motolimod, Prexasertib, GDC-0575, LOXO-292, LOXO-195, and AK-1830. The company was founded by Kevin Koch, Anthony Piscopio, K. C. Nicolaou, and David L. Snitman in 1998 and is headquartered in Boulder, CO.
