Cowen & Co. Believes Array Biopharma (NASDAQ: ARRY) Won’t Stop Here

By Carrie Williams

In a report released today, Chris Shibutani from Cowen & Co. maintained a Buy rating on Array Biopharma (ARRYResearch Report), with a price target of $25. The company’s shares opened today at $47.04, close to its 52-week high of $47.05.

According to TipRanks.com, Shibutani is a 3-star analyst with an average return of 2.0% and a 41.1% 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 Moderate Buy analyst consensus rating for Array Biopharma with a $36.71 average price target, implying a -22.0% downside from current levels. In a report issued on June 4, Piper Jaffray also maintained a Buy rating on the stock with a $37 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.