Array BioPharma Target of Unusually High Options Trading (ARRY)

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

Shares of Array BioPharma (ARRY) opened at 10.98 on Monday. Array BioPharma has a 52 week low of $3.40 and a 52 week high of $13.40. The firm’s market cap is $1.88 billion. The stock has a 50 day moving average of $8.74 and a 200-day moving average of $8.83.

Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $28.64 million. During the same period in the prior year, the firm earned ($0.17) EPS. The business’s revenue was down 21.8% on a year-over-year basis. Equities research analysts expect that Array BioPharma will post ($0.97) earnings per share for the current year.

Several equities analysts recently weighed in on ARRY shares. BidaskClub upgraded shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Cantor Fitzgerald restated a “buy” rating and set a $13.00 target price on shares of Array BioPharma in a report on Tuesday, July 18th. Zacks Investment Research lowered shares of Array BioPharma from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Piper Jaffray Companies restated a “buy” rating and set a $14.00 target price on shares of Array BioPharma in a report on Thursday, August 10th. Finally, ValuEngine upgraded shares of Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $11.65.

A number of institutional investors have recently modified their holdings of ARRY. Acadian Asset Management LLC bought a new stake in Array BioPharma in the 1st quarter valued at $1,242,000. Russell Investments Group Ltd. boosted its holdings in Array BioPharma by 84.8% in the 1st quarter. Russell Investments Group Ltd. now owns 131,922 shares of the biopharmaceutical company’s stock valued at $1,179,000 after purchasing an additional 60,527 shares during the period. Canada Pension Plan Investment Board bought a new stake in Array BioPharma in the 1st quarter valued at $8,497,000. Great West Life Assurance Co. Can boosted its holdings in Array BioPharma by 77.0% in the 1st quarter. Great West Life Assurance Co. Can now owns 17,700 shares of the biopharmaceutical company’s stock valued at $158,000 after purchasing an additional 7,700 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its holdings in Array BioPharma by 35.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 94,600 shares of the biopharmaceutical company’s stock valued at $859,000 after purchasing an additional 24,600 shares during the period. 97.60% of the stock is 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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