Array BioPharma Inc. (ARRY) Trading Up -5.9% Following Better-Than-Expected Earnings

Array BioPharma Inc. (NASDAQ:ARRY)’s share price was up 5.9% on Thursday following a stronger than expected earnings report. The stock traded as high as $8.88 and last traded at $8.15, with a volume of 2,133,868 shares changing hands. The stock had previously closed at $8.66.

The biopharmaceutical company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The company 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 1,267.92%. Array BioPharma’s quarterly revenue was down 21.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.17) earnings per share.

A number of research analysts have commented on ARRY shares. JPMorgan Chase & Co. upgraded shares of Array BioPharma from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $9.00 to $10.00 in a research note on Wednesday, May 3rd. Jefferies Group LLC set a $8.00 price objective on shares of Array BioPharma and gave the company a “buy” rating in a research note on Saturday, May 6th. Piper Jaffray Companies set a $14.00 price objective on shares of Array BioPharma and gave the company a “buy” rating in a research note on Wednesday, May 31st. ValuEngine raised shares of Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub raised shares of Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Array BioPharma has an average rating of “Buy” and an average target price of $11.54.

Several hedge funds have recently modified their holdings of the stock. Quantitative Systematic Strategies LLC increased its stake in shares of Array BioPharma by 9.6% in the second quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock valued at $106,000 after buying an additional 1,103 shares during the last quarter. Knott David M purchased a new stake in shares of Array BioPharma during the first quarter valued at $107,000. Teacher Retirement System of Texas increased its stake in shares of Array BioPharma by 8.3% in the second quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock valued at $107,000 after buying an additional 972 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Array BioPharma during the second quarter valued at $110,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Array BioPharma during the first quarter valued at $114,000. 96.42% of the stock is currently owned by institutional investors and hedge funds.

The firm’s 50 day moving average is $8.24 and its 200 day moving average is $9.07. The stock’s market cap is $1.47 billion.

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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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