Array Biopharma Inc (NASDAQ:ARRY) was the target of a large increase in short interest during the month of September. As of September 28th, there was short interest totalling 17,183,388 shares, an increase of 15.4% from the September 14th total of 14,895,092 shares. Based on an average trading volume of 2,462,288 shares, the days-to-cover ratio is presently 7.0 days. Currently, 8.1% of the company’s shares are sold short.

Several equities analysts recently issued reports on the company. SunTrust Banks raised their price target on Array Biopharma to $25.00 and gave the stock a “buy” rating in a research report on Monday, June 25th. Wells Fargo & Co raised their price target on Array Biopharma from $31.00 to $33.00 and gave the stock an “outperform” rating in a research report on Thursday, June 28th. Zacks Investment Research upgraded Array Biopharma from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. BidaskClub lowered Array Biopharma from a “sell” rating to a “strong sell” rating in a research report on Thursday. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $26.00 price objective (up previously from $24.00) on shares of Array Biopharma in a report on Sunday, June 24th. One analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Array Biopharma has a consensus rating of “Buy” and an average price target of $22.44.

NASDAQ ARRY opened at $13.66 on Friday. Array Biopharma has a fifty-two week low of $9.98 and a fifty-two week high of $20.21. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.71 and a quick ratio of 4.71. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of -18.29 and a beta of 1.11.

Array Biopharma (NASDAQ:ARRY) last released its quarterly earnings data on Tuesday, August 14th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Array Biopharma had a negative return on equity of 80.54% and a negative net margin of 84.79%. The business had revenue of $35.40 million during the quarter, compared to analysts’ expectations of $38.73 million. During the same quarter last year, the business posted ($0.17) EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts expect that Array Biopharma will post -0.72 earnings per share for the current year.

In related news, Director Lunsen Gil J. Van sold 21,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $16.56, for a total transaction of $356,040.00. Following the transaction, the director now directly owns 29,797 shares in the company, valued at approximately $493,438.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lunsen Gil J. Van sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The stock was sold at an average price of $14.76, for a total value of $265,680.00. Following the transaction, the director now owns 37,297 shares in the company, valued at $550,503.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 94,187 shares of company stock worth $1,420,856. 2.10% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ARRY. Morgan Stanley lifted its holdings in Array Biopharma by 127.7% in the 2nd quarter. Morgan Stanley now owns 3,578,476 shares of the biopharmaceutical company’s stock worth $60,048,000 after buying an additional 2,006,894 shares during the period. American Century Companies Inc. lifted its holdings in Array Biopharma by 64.4% in the 2nd quarter. American Century Companies Inc. now owns 2,610,740 shares of the biopharmaceutical company’s stock worth $43,808,000 after buying an additional 1,022,370 shares during the period. BlackRock Inc. lifted its holdings in Array Biopharma by 6.1% in the 2nd quarter. BlackRock Inc. now owns 16,919,696 shares of the biopharmaceutical company’s stock worth $283,912,000 after buying an additional 970,259 shares during the period. Voya Investment Management LLC lifted its holdings in Array Biopharma by 84.1% in the 2nd quarter. Voya Investment Management LLC now owns 1,999,490 shares of the biopharmaceutical company’s stock worth $33,551,000 after buying an additional 913,479 shares during the period. Finally, FMR LLC lifted its holdings in Array Biopharma by 3.3% in the 2nd quarter. FMR LLC now owns 24,390,396 shares of the biopharmaceutical company’s stock worth $409,271,000 after buying an additional 787,460 shares during the period. Institutional investors and hedge funds own 91.81% of the company’s stock.

Array Biopharma Company Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

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