Array BioPharma Inc. (NASDAQ:ARRY) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 23,808,509 shares, a growth of 11.5% from the August 15th total of 21,357,969 shares. Currently, 13.9% of the shares of the stock are short sold. Based on an average trading volume of 3,354,016 shares, the short-interest ratio is currently 7.1 days.

Shares of Array BioPharma (NASDAQ ARRY) opened at 10.53 on Thursday. Array BioPharma has a 12-month low of $3.45 and a 12-month high of $13.40. The company’s 50-day moving average price is $8.87 and its 200 day moving average price is $8.80. The stock’s market cap is $1.81 billion.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. The firm had revenue of $33.80 million for the quarter, compared to analyst estimates of $28.64 million. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The business’s revenue was down 21.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) earnings per share. On average, equities analysts predict that Array BioPharma will post ($0.99) earnings per share for the current year.

Large investors have recently modified their holdings of the company. Quantitative Systematic Strategies LLC boosted its stake in shares of Array BioPharma by 9.6% in the second quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock worth $106,000 after acquiring an additional 1,103 shares during the last quarter. Knott David M acquired a new stake in shares of Array BioPharma in the first quarter worth approximately $107,000. Teacher Retirement System of Texas boosted its stake in shares of Array BioPharma by 8.3% in the second quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after acquiring an additional 972 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in shares of Array BioPharma in the second quarter worth approximately $110,000. Finally, Ameritas Investment Partners Inc. boosted its stake in shares of Array BioPharma by 7.2% in the second quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after acquiring an additional 1,012 shares during the last quarter. 97.60% of the stock is currently owned by hedge funds and other institutional investors.

ARRY has been the topic of several recent research reports. Zacks Investment Research cut Array BioPharma from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Jefferies Group LLC set a $9.00 price objective on Array BioPharma and gave the stock a “buy” rating in a report on Friday, August 25th. J P Morgan Chase & Co reaffirmed a “buy” rating and set a $14.00 price objective on shares of Array BioPharma in a report on Monday. BidaskClub raised Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Thursday, June 22nd. Finally, ValuEngine raised Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $12.65.

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About Array BioPharma

Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. The Company’s programs include approximately three cancer drugs, binimetinib, encorafenib and selumetinib (partnered with AstraZeneca, PLC).

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