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 closed on Friday at $17.53.
Kumar noted:
“. We reiterate our OW and 12-month PT of $30 after recently concluded ASCO-GI conference (Jan. 17-19). As disclosed on 1/14, Array presented updated results from the “safety lead-in” portion of the Beacon-CRC study in 2nd/3rd line colorectal cancer (CRC) patients. We were intrigued by NVS’s (NC) updated results in BRAF+ biliary tract cancer where the data look promising but the market opportunity appears relatively small. Based on our discussion with KOLs, we continue to believe Array’s triplet regimen has generated highly compelling clinical data in CRC so far, which bode well for the upcoming interim results in 1H19 and the ongoing frontline Anchor-CRC study.”
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Array Biopharma with a $23.83 average price target, representing a 35.9% upside. In a report issued on January 15, Cowen & Co. also maintained a Buy rating on the stock with a $22 price target.
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Based on Array Biopharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $24.81 million. In comparison, last year the company had a GAAP net loss of $34.05 million.
Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ARRY in relation to earlier this year.
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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.
