Array BioPharma Inc. (ARRY) Shares Down 5.3%

Shares of Array BioPharma Inc. (NASDAQ:ARRY) dropped 5.3% during mid-day trading on Tuesday . The stock traded as low as $9.60 and last traded at $9.97. Approximately 11,702,192 shares traded hands during trading, an increase of 243% from the average daily volume of 3,415,430 shares. The stock had previously closed at $10.53.

ARRY has been the topic of several recent analyst reports. BidaskClub raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. ValuEngine raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Stifel Nicolaus reissued a “buy” rating and set a $13.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Cantor Fitzgerald reissued a “buy” rating and set a $13.00 target price on shares of Array BioPharma in a research note on Tuesday, July 18th. Finally, Jefferies Group LLC set a $9.00 target price on shares of Array BioPharma and gave the company a “buy” rating in a research note on Friday, August 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $12.65.

The company’s market cap is $1.71 billion. The company’s 50-day moving average is $8.80 and its 200-day moving average is $8.81.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The business had revenue of $33.80 million for the quarter, compared to analyst estimates of $28.64 million. During the same period last year, the business posted ($0.17) earnings per share. The firm’s quarterly revenue was down 21.8% on a year-over-year basis. On average, equities analysts predict that Array BioPharma Inc. will post ($0.99) earnings per share for the current year.

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Array BioPharma by 15.5% during the second quarter. Vanguard Group Inc. now owns 19,622,890 shares of the biopharmaceutical company’s stock worth $164,243,000 after acquiring an additional 2,629,475 shares during the period. BlackRock Inc. raised its holdings in shares of Array BioPharma by 1.0% during the second quarter. BlackRock Inc. now owns 12,994,700 shares of the biopharmaceutical company’s stock worth $108,765,000 after acquiring an additional 125,563 shares during the period. State Street Corp raised its holdings in shares of Array BioPharma by 15.5% during the second quarter. State Street Corp now owns 9,544,525 shares of the biopharmaceutical company’s stock worth $79,890,000 after acquiring an additional 1,279,750 shares during the period. Franklin Resources Inc. raised its holdings in shares of Array BioPharma by 48.4% during the second quarter. Franklin Resources Inc. now owns 8,950,982 shares of the biopharmaceutical company’s stock worth $74,920,000 after acquiring an additional 2,918,156 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Array BioPharma by 8.5% during the second quarter. Northern Trust Corp now owns 2,130,493 shares of the biopharmaceutical company’s stock worth $17,832,000 after acquiring an additional 166,031 shares during the period. Institutional investors and hedge funds own 97.60% of the company’s stock.

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Array BioPharma Company Profile

Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).

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