Shares of Array BioPharma Inc. (NASDAQ:ARRY) dropped 3.9% during mid-day trading on Wednesday . The company traded as low as $3.40 and last traded at $3.46, with a volume of 1,124,671 shares traded. The stock had previously closed at $3.60.

ARRY has been the topic of a number of research analyst reports. Jefferies Group lifted their price target on Array BioPharma from $6.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday. Leerink Swann reissued a “positive” rating and set a $6.00 price objective on shares of Array BioPharma in a research note on Tuesday. Zacks Investment Research raised 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. Cantor Fitzgerald reissued a “buy” rating on shares of Array BioPharma in a research note on Wednesday, June 8th. Finally, SunTrust Banks Inc. started coverage on Array BioPharma in a research note on Thursday, June 2nd. They set a “buy” rating and a $7.00 price objective on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $7.43.

The firm’s market cap is $505.11 million. The company’s 50 day moving average price is $3.66 and its 200-day moving average price is $3.28.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.14) by $0.02. The business earned $43.20 million during the quarter, compared to analyst estimates of $41.51 million. The business’s quarterly revenue was up 251.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) earnings per share. Analysts expect that Array BioPharma Inc. will post ($0.68) EPS 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.