Array BioPharma Inc. (NASDAQ:ARRY)’s share price traded down 5.3% on Tuesday . The stock traded as low as $9.60 and last traded at $9.97. 11,702,192 shares traded hands during trading, an increase of 243% from the average session volume of 3,415,430 shares. The stock had previously closed at $10.53.

A number of research firms recently weighed in on ARRY. Jefferies Group LLC restated a “buy” rating and issued a $9.00 target price on shares of Array BioPharma in a report on Tuesday. Cowen and Company restated an “outperform” rating and issued a $15.00 target price (up previously from $14.00) on shares of Array BioPharma in a report on Monday. Cantor Fitzgerald upped their target price on shares of Array BioPharma from $13.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday. Stifel Nicolaus restated a “buy” rating and issued a $15.00 target price (up previously from $13.00) on shares of Array BioPharma in a report on Monday. Finally, J P Morgan Chase & Co restated a “buy” rating and issued a $14.00 target price on shares of Array BioPharma in a report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Array BioPharma presently has an average rating of “Buy” and a consensus price target of $12.65.

The stock has a 50 day moving average price of $8.87 and a 200 day moving average price of $8.80. The stock’s market capitalization 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, beating analysts’ consensus estimates of ($0.21) by $0.04. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The company had revenue of $33.80 million during the quarter, compared to analysts’ expectations of $28.64 million. During the same period last year, the company posted ($0.17) EPS. Array BioPharma’s revenue was down 21.8% on a year-over-year basis. On average, analysts predict that Array BioPharma Inc. will post ($0.99) earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quantitative Systematic Strategies LLC lifted its position in Array BioPharma by 9.6% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after acquiring an additional 1,103 shares during the period. Knott David M purchased a new position in Array BioPharma during the 1st quarter valued at about $107,000. Teacher Retirement System of Texas lifted its position in Array BioPharma by 8.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after acquiring an additional 972 shares during the period. Los Angeles Capital Management & Equity Research Inc. purchased a new position in Array BioPharma during the 2nd quarter valued at about $110,000. Finally, Ameritas Investment Partners Inc. lifted its position in Array BioPharma by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock valued at $127,000 after acquiring an additional 1,012 shares during the period. 97.60% of the stock is owned by institutional investors.

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Array BioPharma Company Profile

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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