Array BioPharma Inc. (NASDAQ:ARRY) was the target of a significant decline in short interest in September. As of September 29th, there was short interest totalling 23,385,574 shares, a decline of 18.6% from the September 15th total of 28,717,062 shares. Based on an average trading volume of 4,448,232 shares, the short-interest ratio is currently 5.3 days. Approximately 12.0% of the company’s stock are short sold.

Array BioPharma (NASDAQ ARRY) opened at 12.44 on Friday. The stock has a 50 day moving average of $11.09 and a 200 day moving average of $8.98. The company’s market cap is $2.13 billion. Array BioPharma has a 52 week low of $5.36 and a 52 week high of $13.40.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $33.80 million for the quarter, compared to the consensus estimate of $28.64 million. During the same quarter in the previous year, the firm earned ($0.17) EPS. The company’s quarterly revenue was down 21.8% compared to the same quarter last year. On average, analysts expect that Array BioPharma will post ($0.99) earnings per share for the current year.

Several equities research analysts recently commented on the stock. Cantor Fitzgerald reissued a “buy” rating and set a $15.00 price objective on shares of Array BioPharma in a research note on Tuesday, September 26th. Piper Jaffray Companies reissued an “overweight” rating and set a $18.00 price objective (up previously from $14.00) on shares of Array BioPharma in a research note on Wednesday, September 20th. Jefferies Group LLC reissued a “buy” rating and set a $9.00 price objective on shares of Array BioPharma in a research note on Tuesday, September 12th. Cowen and Company reissued an “outperform” rating and set a $15.00 price objective (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $15.00 price objective (up previously from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $13.36.

In related news, Director Kyle Lefkoff sold 38,865 shares of the business’s stock in a transaction dated Friday, September 29th. The shares were sold at an average price of $12.31, for a total transaction of $478,428.15. Following the sale, the director now owns 51,585 shares of the company’s stock, valued at $635,011.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.18% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Quantitative Systematic Strategies LLC grew its position in shares of Array BioPharma by 9.6% in the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock worth $106,000 after buying an additional 1,103 shares during the last quarter. Teacher Retirement System of Texas grew its position in shares of Array BioPharma by 8.3% in the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after buying an additional 972 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of Array BioPharma in the 2nd quarter worth approximately $110,000. Ameritas Investment Partners Inc. grew its position in shares of Array BioPharma by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after buying an additional 1,012 shares during the last quarter. Finally, Caxton Associates LP purchased a new position in shares of Array BioPharma in the 1st quarter worth approximately $142,000. 85.64% of the stock is currently owned by hedge funds and other 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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