Array BioPharma Inc. (NASDAQ:ARRY) dropped 21.8% on Tuesday . The stock traded as low as $3.40 and last traded at $3.48, with a volume of 6,236,153 shares traded. The stock had previously closed at $4.45.

ARRY has been the topic of several analyst reports. Leerink Swann reaffirmed a “buy” rating on shares of Array BioPharma in a research report on Monday, June 20th. Zacks Investment Research raised Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price target on the stock in a research report on Tuesday, July 5th. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Array BioPharma in a research report on Wednesday, June 8th. SunTrust Banks Inc. initiated coverage on Array BioPharma in a research report on Thursday, June 2nd. They set a “buy” rating and a $7.00 price target on the stock. Finally, Stifel Nicolaus increased their price target on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $7.50.

The company’s 50 day moving average price is $3.72 and its 200-day moving average price is $3.22. The firm’s market cap is $493.43 million.

Array BioPharma (NASDAQ:ARRY) last issued its earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by $0.02. During the same period in the prior year, the firm posted ($0.09) EPS. The company had revenue of $43.20 million for the quarter, compared to analysts’ expectations of $41.51 million. The company’s quarterly revenue was up 251.2% on a year-over-year basis. On average, equities analysts predict that Array BioPharma Inc. will post ($0.66) earnings per share for the current fiscal year.

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).

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.