Array BioPharma Inc. (NASDAQ:ARRY) was down 4.1% on Tuesday . The company traded as low as $3.53 and last traded at $3.53, with a volume of 793,784 shares trading hands. The stock had previously closed at $3.68.

ARRY has been the topic of a number of recent research reports. Leerink Swann restated a “buy” rating and issued a $6.00 price objective on shares of Array BioPharma in a research note on Thursday, May 5th. Cantor Fitzgerald restated a “buy” rating on shares of Array BioPharma in a research note on Wednesday, May 4th. Jefferies Group restated a “buy” rating on shares of Array BioPharma in a research note on Wednesday, May 4th. Piper Jaffray Cos. restated a “buy” rating on shares of Array BioPharma in a research note on Saturday, April 2nd. Finally, Zacks Investment Research upgraded shares of Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $7.40.

The stock has a 50-day moving average price of $3.56 and a 200 day moving average price of $3.18. The stock’s market cap is $506.34 million.

Array BioPharma (NASDAQ:ARRY) last released its quarterly earnings results on Tuesday, May 3rd. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by $0.04. During the same period last year, the firm posted $0.37 earnings per share. The company had revenue of $43 million for the quarter, compared to analyst estimates of $30.35 million. The company’s quarterly revenue was up 552.1% on a year-over-year basis. Equities research analysts predict that Array BioPharma Inc. will post ($0.62) EPS for the current year.

A hedge fund recently raised its stake in Array BioPharma stock. California State Teachers Retirement System increased its position in shares of Array BioPharma Inc. (NASDAQ:ARRY) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 261,431 shares of the biopharmaceutical company’s stock after buying an additional 4,700 shares during the period. California State Teachers Retirement System owned approximately 0.18% of Array BioPharma worth $1,103,000 at the end of the most recent quarter.

Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).

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