Array BioPharma Inc. (NASDAQ:ARRY)’s share price dropped 21.8% during mid-day trading on Tuesday . The company traded as low as $3.40 and last traded at $3.48, with a volume of 6,236,153 shares changing hands. The stock had previously closed at $4.45.

Several brokerages have weighed in on ARRY. Leerink Swann reiterated a “buy” rating on shares of Array BioPharma in a report on Monday, June 20th. Zacks Investment Research upgraded Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 target price for the company in a report on Tuesday, July 5th. Cantor Fitzgerald reiterated a “buy” rating on shares of Array BioPharma in a report on Wednesday, June 8th. SunTrust Banks Inc. began coverage on Array BioPharma in a report on Thursday, June 2nd. They issued a “buy” rating and a $7.00 target price for the company. Finally, Stifel Nicolaus upped their target price on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. Array BioPharma currently has a consensus rating of “Buy” and a consensus target price of $7.50.

The company has a 50-day moving average of $3.73 and a 200-day moving average of $3.22. The company’s market capitalization is $491.28 million.

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

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