Array Biopharma Inc (NASDAQ:ARRY) was the target of a significant growth in short interest in October. As of October 31st, there was short interest totalling 19,210,331 shares, a growth of 10.3% from the October 15th total of 17,413,115 shares. Based on an average daily volume of 3,480,878 shares, the days-to-cover ratio is currently 5.5 days. Approximately 9.1% of the shares of the stock are sold short.
Several research firms have recently commented on ARRY. Zacks Investment Research raised shares of Array Biopharma from a “sell” rating to a “hold” rating in a report on Wednesday, October 31st. Cowen set a $22.00 target price on shares of Array Biopharma and gave the stock a “buy” rating in a report on Wednesday, October 31st. BidaskClub raised shares of Array Biopharma from a “strong sell” rating to a “sell” rating in a report on Thursday, October 18th. Finally, Guggenheim began coverage on shares of Array Biopharma in a report on Monday, September 17th. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $22.44.
In other Array Biopharma news, Director Lunsen Gil J. Van sold 18,000 shares of Array Biopharma stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $14.76, for a total transaction of $265,680.00. Following the transaction, the director now owns 37,297 shares of the company’s stock, valued at $550,503.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jason Haddock sold 20,000 shares of Array Biopharma stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $13.92, for a total transaction of $278,400.00. Following the transaction, the chief financial officer now directly owns 35,393 shares in the company, valued at approximately $492,670.56. The disclosure for this sale can be found here. Insiders have sold 47,687 shares of company stock worth $693,066 in the last ninety days. Insiders own 2.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ARRY. Morgan Stanley increased its position in Array Biopharma by 127.7% in the second quarter. Morgan Stanley now owns 3,578,476 shares of the biopharmaceutical company’s stock worth $60,048,000 after purchasing an additional 2,006,894 shares during the last quarter. FMR LLC increased its position in Array Biopharma by 3.3% in the second quarter. FMR LLC now owns 24,390,396 shares of the biopharmaceutical company’s stock worth $409,271,000 after purchasing an additional 787,460 shares during the last quarter. Rhumbline Advisers increased its position in Array Biopharma by 3.7% in the second quarter. Rhumbline Advisers now owns 200,956 shares of the biopharmaceutical company’s stock worth $3,372,000 after purchasing an additional 7,178 shares during the last quarter. Xact Kapitalforvaltning AB increased its position in Array Biopharma by 17.5% in the second quarter. Xact Kapitalforvaltning AB now owns 30,278 shares of the biopharmaceutical company’s stock worth $508,000 after purchasing an additional 4,500 shares during the last quarter. Finally, State of Wisconsin Investment Board increased its position in Array Biopharma by 3.6% in the second quarter. State of Wisconsin Investment Board now owns 207,700 shares of the biopharmaceutical company’s stock worth $3,485,000 after purchasing an additional 7,300 shares during the last quarter. 92.56% of the stock is currently owned by hedge funds and other institutional investors.
ARRY stock opened at $16.73 on Friday. Array Biopharma has a one year low of $10.21 and a one year high of $20.21. The company has a current ratio of 5.62, a quick ratio of 5.62 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $3.57 billion, a PE ratio of -22.92 and a beta of 1.11.
Array Biopharma (NASDAQ:ARRY) last released its earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.10. Array Biopharma had a negative net margin of 66.77% and a negative return on equity of 74.02%. The firm had revenue of $56.91 million for the quarter, compared to the consensus estimate of $34.47 million. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. The company’s quarterly revenue was up 91.3% compared to the same quarter last year. On average, equities research analysts predict that Array Biopharma will post -0.65 EPS for the current year.
About Array Biopharma
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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