JP Morgan Downgrades Array Biopharma Inc to Neutral

Brokerage firm JP Morgan Downgrades its rating on Array Biopharma Inc(ARRY). The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by JP Morgan was issued on Feb 3, 2017.

In a different note, On Jan 30, 2017, Leerink Swann said it Downgrades its rating on Array Biopharma Inc. The shares have been rated ‘Market Perform’ by the firm.

Array Biopharma Inc (ARRY) shares turned negative on Tuesdays trading session with the shares closing down -0.1 points or -0.94% at a volume of 22,93,213. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $10.79. The peak price level was also seen at $10.79 while the days lowest was $10.51. Finally the shares closed at $10.53. The 52-week high of the shares is $11.65 while the 52-week low is $2.385. According to the latest information available, the market cap of the company is $1,775 M.

Array Biopharma Inc(ARRY) last announced its earnings results on Nov 1, 2016 for Fiscal Year 2017 and Q1.Company reported revenue of $39.27M. Analysts had an estimated revenue of $32.47M. Earnings per share were $-0.20. The reported EPS was above estimates by $0.04 or NaN%. Analysts had estimated an EPS of $-0.16.

Several Insider Transactions has been reported to the SEC. On May 12, 2015, Charles M Baum (director) sold 25,000 shares at $7.38 per share price.Also, On Mar 4, 2015, Kyle Lefkoff (director) sold 70,000 shares at $8.00 per share price.On Mar 4, 2015, Andrews R Robbins (SVP, Commercial Operations) sold 21,576 shares at $8.25 per share price, according to the Form-4 filing with the securities and exchange commission.

Array BioPharma Inc. is a biopharmaceutical company focused on the discovery development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials is indicated for Kinesin spindle protein (KSP) inhibitor for MM; ARRY-797 in Phase II clinical trials indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials indicated for CRTh2 antagonist for asthma and ARRY-614 in Phase I clinical trials is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS). In addition the Company has 11 ongoing partner-funded clinical programs including two MEK inhibitors which are both in Phase III clinical trials binimetinib with Novartis and selumetinib with AstraZeneca.

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