Cantor Fitzgerald analyst Varun Kumar reiterated a Buy rating on Array Biopharma (ARRY) today and set a price target of $30. The company’s shares opened today at $22.74, close to its 52-week high of $23.78.
Kumar said:
“. We reiterate our OW and 12-month PT of $30. The stock has gained ~58% YTD (vs. NBI +14%), primarily driven by strong melanoma earning prints and promising update from Beacon-CRC “safety lead-in” cohort in colorectal cancer. In this report, we preview the upcoming Beacon-CRC Phase III interim data readout in BRAF+ colorectal cancer patients (expected in 1H19). Based on scenario analysis (p. 5-6), we think that potential positive interim data could provide upside of $3-$7/sh (15-30%) from the current level of $22/sh. Assuming positive interim, unrealized front-line CRC oppt’y and melanoma market traction represent two additional sources of upside in next 12-24 months (p.13).”
Kumar has an average return of 15.1% when recommending Array Biopharma.
According to TipRanks.com, Kumar is ranked #3093 out of 5218 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Array Biopharma with a $27 average price target.
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Based on Array Biopharma’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $11.36 million. In comparison, last year the company had a GAAP net loss of $34.05 million.
Based on the recent corporate insider activity of 52 insiders, corporate insider sentiment is negative on the stock. Last month, Kyle Lefkoff, a Director at ARRY sold 25,000 shares for a total of $512,500.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
