Traders Buy High Volume of Array Biopharma Call Options (ARRY)

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Array Biopharma Inc (NASDAQ:ARRY) was the recipient of unusually large options trading on Thursday. Traders purchased 12,034 call options on the stock. This is an increase of approximately 1,520% compared to the average daily volume of 743 call options.

Several research firms have recently issued reports on ARRY. SunTrust Banks lifted their price target on Array Biopharma to $25.00 and gave the stock a “buy” rating in a research report on Monday, June 25th. Wells Fargo & Co lifted their price target on Array Biopharma from $31.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, June 28th. Zacks Investment Research raised Array Biopharma from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. BidaskClub lowered Array Biopharma from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 11th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and issued a $26.00 price target (up previously from $24.00) on shares of Array Biopharma in a research report on Sunday, June 24th. Two analysts have rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the stock. Array Biopharma currently has a consensus rating of “Buy” and a consensus target price of $22.44.

Shares of NASDAQ:ARRY opened at $15.15 on Friday. Array Biopharma has a fifty-two week low of $9.98 and a fifty-two week high of $20.21. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -20.75 and a beta of 1.11.

Array Biopharma (NASDAQ:ARRY) last issued its earnings results on Tuesday, August 14th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.01). Array Biopharma had a negative return on equity of 80.54% and a negative net margin of 84.79%. The business had revenue of $35.40 million during the quarter, compared to analysts’ expectations of $38.73 million. During the same period last year, the firm posted ($0.17) EPS. Array Biopharma’s quarterly revenue was up 4.7% compared to the same quarter last year. Sell-side analysts forecast that Array Biopharma will post -0.73 earnings per share for the current year.

In other news, CFO Jason Haddock sold 20,000 shares of Array Biopharma stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $13.92, for a total value of $278,400.00. Following the completion of the transaction, the chief financial officer now owns 35,393 shares of the company’s stock, valued at approximately $492,670.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lunsen Gil J. Van sold 18,000 shares of Array Biopharma stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $14.76, for a total value of $265,680.00. Following the completion of the transaction, the director now directly owns 37,297 shares of the company’s stock, valued at approximately $550,503.72. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,687 shares of company stock valued at $1,064,816. 2.10% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of ARRY. Morgan Stanley raised its position in Array Biopharma by 127.7% in the 2nd quarter. Morgan Stanley now owns 3,578,476 shares of the biopharmaceutical company’s stock worth $60,048,000 after buying an additional 2,006,894 shares during the last quarter. Peregrine Capital Management LLC purchased a new position in Array Biopharma in the 3rd quarter worth about $17,000,000. American Century Companies Inc. raised its position in Array Biopharma by 64.4% in the 2nd quarter. American Century Companies Inc. now owns 2,610,740 shares of the biopharmaceutical company’s stock worth $43,808,000 after buying an additional 1,022,370 shares during the last quarter. BlackRock Inc. raised its position in Array Biopharma by 6.1% in the 2nd quarter. BlackRock Inc. now owns 16,919,696 shares of the biopharmaceutical company’s stock worth $283,912,000 after buying an additional 970,259 shares during the last quarter. Finally, Voya Investment Management LLC raised its position in Array Biopharma by 84.1% in the 2nd quarter. Voya Investment Management LLC now owns 1,999,490 shares of the biopharmaceutical company’s stock worth $33,551,000 after buying an additional 913,479 shares during the last quarter. 91.80% of the stock is owned by institutional investors and hedge funds.

About Array Biopharma

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.

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