Columbus Circle Investors Cuts Holdings in Array Biopharma Inc (NASDAQ:ARRY)

Columbus Circle Investors decreased its stake in shares of Array Biopharma Inc (NASDAQ:ARRY) by 50.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 553,980 shares of the biopharmaceutical company’s stock after selling 564,207 shares during the quarter. Columbus Circle Investors’ holdings in Array Biopharma were worth $25,666,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Alpha Windward LLC purchased a new stake in Array Biopharma during the 2nd quarter worth about $28,000. Cornerstone Advisors Inc. increased its holdings in shares of Array Biopharma by 38.2% in the 1st quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock valued at $54,000 after acquiring an additional 615 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Array Biopharma in the 1st quarter valued at about $84,000. Raymond James & Associates purchased a new position in shares of Array Biopharma in the 4th quarter valued at about $147,000. Finally, Spearhead Capital Advisors LLC purchased a new position in shares of Array Biopharma in the 2nd quarter valued at about $202,000.

ARRY has been the topic of a number of recent analyst reports. Goldman Sachs Group increased their price objective on Array Biopharma from $27.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Leerink Swann downgraded Array Biopharma from an “outperform” rating to a “market perform” rating and increased their price objective for the company from $32.00 to $46.25 in a report on Tuesday, June 18th. Jefferies Financial Group downgraded Array Biopharma from a “buy” rating to a “hold” rating in a report on Monday, June 17th. Zacks Investment Research upgraded Array Biopharma from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a report on Friday, May 10th. Finally, SunTrust Banks downgraded Array Biopharma from a “buy” rating to a “hold” rating in a report on Monday, June 17th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Array Biopharma currently has an average rating of “Hold” and a consensus price target of $37.13.

Shares of NASDAQ ARRY opened at $47.85 on Friday. The stock has a market cap of $10.68 billion, a PE ratio of -65.55 and a beta of 1.70. The company has a quick ratio of 5.65, a current ratio of 5.70 and a debt-to-equity ratio of 0.45. Array Biopharma Inc has a 52-week low of $12.56 and a 52-week high of $47.98. The business has a 50-day moving average price of $47.12 and a 200 day moving average price of $30.89.

In related news, insider Victor Sandor sold 12,600 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $26.50, for a total value of $333,900.00. Following the completion of the sale, the insider now directly owns 250,292 shares of the company’s stock, valued at approximately $6,632,738. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders sold 180,011 shares of company stock valued at $4,862,502. Insiders own 2.10% of the company’s stock.

Array Biopharma 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.

Further Reading: Street Name

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Institutional Ownership by Quarter for Array Biopharma (NASDAQ:ARRY)

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