Array BioPharma Inc. (NASDAQ:ARRY) was the target of some unusual options trading activity on Wednesday. Stock investors bought 14,341 call options on the stock. This represents an increase of approximately 633% compared to the typical volume of 1,956 call options.

Array BioPharma (ARRY) opened at 10.98 on Friday. The stock’s 50 day moving average is $8.74 and its 200-day moving average is $8.83. The company’s market cap is $1.88 billion. Array BioPharma has a 12-month low of $3.40 and a 12-month high of $13.40.

Array BioPharma (NASDAQ:ARRY) last announced its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.21) by $0.04. The business had revenue of $33.80 million for the quarter, compared to analyst estimates of $28.64 million. Array BioPharma had a negative net margin of 77.44% and a negative return on equity of 1,187.18%. The firm’s revenue for the quarter was down 21.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) earnings per share. Analysts predict that Array BioPharma will post ($0.97) earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the company. Fisher Asset Management LLC lifted its position in shares of Array BioPharma by 72.0% in the second quarter. Fisher Asset Management LLC now owns 134,180 shares of the biopharmaceutical company’s stock worth $1,123,000 after purchasing an additional 56,166 shares in the last quarter. Alambic Investment Management L.P. lifted its position in shares of Array BioPharma by 12.6% in the first quarter. Alambic Investment Management L.P. now owns 195,030 shares of the biopharmaceutical company’s stock worth $1,744,000 after purchasing an additional 21,800 shares in the last quarter. Spark Investment Management LLC lifted its position in shares of Array BioPharma by 30.9% in the first quarter. Spark Investment Management LLC now owns 343,900 shares of the biopharmaceutical company’s stock worth $3,074,000 after purchasing an additional 81,200 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Array BioPharma in the first quarter worth $1,242,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Array BioPharma in the first quarter worth $303,000. 97.60% of the stock is currently owned by institutional investors and hedge funds.

ARRY has been the subject of several research analyst reports. BidaskClub upgraded shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. ValuEngine upgraded shares of Array BioPharma from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Stifel Nicolaus reiterated a “buy” rating and issued a $13.00 target price on shares of Array BioPharma in a research report on Thursday, August 10th. Cantor Fitzgerald reiterated a “buy” rating and issued a $13.00 target price on shares of Array BioPharma in a research report on Tuesday, July 18th. Finally, Piper Jaffray Companies set a $14.00 target price on shares of Array BioPharma and gave the stock a “buy” rating in a research report on Wednesday, May 31st. One equities 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 presently has an average rating of “Buy” and an average target price of $11.65.

TRADEMARK VIOLATION WARNING: “Array BioPharma Target of Unusually Large Options Trading (ARRY)” was originally reported by American Banking News and is owned by of American Banking News. If you are reading this piece on another publication, it was illegally stolen and reposted in violation of U.S. & international copyright law. The correct version of this piece can be viewed at https://www.americanbankingnews.com/2017/09/09/array-biopharma-target-of-unusually-large-options-trading-arry.html.

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).

Receive News & Ratings for Array BioPharma Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Array BioPharma Inc. and related companies with MarketBeat.com's FREE daily email newsletter.