Array BioPharma Inc. (ARRY) Sees Significant Growth in Short Interest
Array BioPharma Inc. (NASDAQ:ARRY) saw a significant increase in short interest in September. As of September 30th, there was short interest totalling 19,471,791 shares, an increase of 29.9% from the September 15th total of 14,993,021 shares. Based on an average daily trading volume, of 20,104,530 shares, the short-interest ratio is currently 1.0 days. Approximately 12.0% of the company’s stock are sold short.
Array BioPharma (NASDAQ:ARRY) opened at 6.59 on Thursday. The stock’s market cap is $955.69 million. The company’s 50 day moving average price is $4.67 and its 200-day moving average price is $3.72. Array BioPharma has a 12-month low of $2.38 and a 12-month high of $7.27.
Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by $0.02. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The business had revenue of $43.20 million for the quarter, compared to analysts’ expectations of $41.51 million. During the same period last year, the company posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 251.2% on a year-over-year basis. On average, analysts forecast that Array BioPharma will post ($0.72) EPS for the current year.
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A number of analysts have weighed in on the company. Zacks Investment Research cut Array BioPharma from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $8.00 price target (up from $6.00) on shares of Array BioPharma in a research note on Tuesday, September 27th. Jefferies Group raised their price objective on Array BioPharma from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Tuesday, September 27th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $13.00 price objective on shares of Array BioPharma in a report on Monday, September 26th. Finally, Leerink Swann raised their price objective on Array BioPharma from $6.00 to $9.00 and gave the stock an “outperform” rating in a report on Monday, September 26th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $8.38.
In other Array BioPharma news, major shareholder Redmile Group, Llc sold 2,492,578 shares of the firm’s stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $6.36, for a total value of $15,852,796.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.60% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP acquired a new stake in shares of Array BioPharma during the second quarter worth $114,000. BlackRock Inc. boosted its stake in shares of Array BioPharma by 261.7% in the second quarter. BlackRock Inc. now owns 33,654 shares of the biopharmaceutical company’s stock worth $120,000 after buying an additional 24,349 shares during the period. Highbridge Capital Management LLC acquired a new stake in shares of Array BioPharma during the second quarter worth $125,000. Baxter Bros Inc. acquired a new stake in shares of Array BioPharma during the second quarter worth $132,000. Finally, Virginia Retirement Systems ET AL acquired a new stake in shares of Array BioPharma during the second quarter worth $181,000. 76.88% of the stock is owned by hedge funds and other institutional investors.
Array BioPharma Company Profile
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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