Array Biopharma Sees Unusually High Options Volume (ARRY)

Array Biopharma Inc (NASDAQ:ARRY) saw unusually large options trading on Thursday. Stock traders acquired 5,910 call options on the company. This is an increase of 1,166% compared to the average daily volume of 467 call options.

In other news, Director Charles M. Baum sold 50,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $16.90, for a total value of $845,000.00. Following the completion of the transaction, the director now directly owns 35,000 shares of the company’s stock, valued at $591,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Victor Sandor sold 8,689 shares of the business’s stock in a transaction on Tuesday, April 3rd. The stock was sold at an average price of $15.35, for a total value of $133,376.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 286,705 shares of company stock valued at $4,851,885. Insiders own 3.18% of the company’s stock.

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A number of institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Array Biopharma by 12.6% in the fourth quarter. BlackRock Inc. now owns 15,252,802 shares of the biopharmaceutical company’s stock valued at $195,236,000 after purchasing an additional 1,707,369 shares during the last quarter. Franklin Resources Inc. increased its stake in Array Biopharma by 12.0% in the fourth quarter. Franklin Resources Inc. now owns 9,169,836 shares of the biopharmaceutical company’s stock valued at $117,374,000 after purchasing an additional 979,072 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Array Biopharma by 274.4% in the third quarter. Point72 Asset Management L.P. now owns 9,008,999 shares of the biopharmaceutical company’s stock valued at $110,811,000 after purchasing an additional 6,602,999 shares during the last quarter. BVF Inc. IL increased its stake in Array Biopharma by 35.7% in the fourth quarter. BVF Inc. IL now owns 8,686,498 shares of the biopharmaceutical company’s stock valued at $111,187,000 after purchasing an additional 2,283,973 shares during the last quarter. Finally, Driehaus Capital Management LLC increased its stake in Array Biopharma by 19.8% in the fourth quarter. Driehaus Capital Management LLC now owns 2,513,682 shares of the biopharmaceutical company’s stock valued at $32,175,000 after purchasing an additional 416,277 shares during the last quarter. Hedge funds and other institutional investors own 96.41% of the company’s stock.

A number of research firms have recently weighed in on ARRY. BidaskClub raised Array Biopharma from a “sell” rating to a “hold” rating in a report on Thursday, March 29th. Zacks Investment Research raised Array Biopharma from a “sell” rating to a “hold” rating in a report on Friday, February 9th. Cantor Fitzgerald reissued a “buy” rating and issued a $15.00 price target on shares of Array Biopharma in a report on Sunday, January 21st. SunTrust Banks reissued a “buy” rating and issued a $20.00 price target on shares of Array Biopharma in a report on Tuesday, February 6th. Finally, Stifel Nicolaus boosted their price target on Array Biopharma from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, January 22nd. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $17.25.

Array Biopharma stock opened at $15.30 on Friday. Array Biopharma has a 52 week low of $6.73 and a 52 week high of $18.78. The company has a current ratio of 6.17, a quick ratio of 6.17 and a debt-to-equity ratio of 0.39.

Array Biopharma (NASDAQ:ARRY) last released its earnings results on Tuesday, February 6th. The biopharmaceutical company reported ($0.17) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.23) by $0.06. The firm had revenue of $42.21 million during the quarter, compared to analyst estimates of $26.81 million. Array Biopharma had a negative return on equity of 107.79% and a negative net margin of 98.51%. The business’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.14) earnings per share. sell-side analysts anticipate that Array Biopharma will post -0.88 EPS for the current year.

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About Array Biopharma

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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