Array BioPharma Inc. (ARRY) Sees Significant Growth in Short Interest
Array BioPharma Inc. (NASDAQ:ARRY) saw a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 19,471,791 shares, a growth of 29.9% from the September 15th total of 14,993,021 shares. Approximately 12.0% of the company’s stock are sold short. Based on an average daily trading volume, of 20,104,530 shares, the short-interest ratio is presently 1.0 days.
ARRY has been the subject of several recent research reports. Jefferies Group raised their price target on shares of Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Tuesday, September 27th. Cantor Fitzgerald restated a “buy” rating and issued a $13.00 price objective on shares of Array BioPharma in a report on Monday, September 26th. Stifel Nicolaus raised their price objective on shares of Array BioPharma from $7.00 to $8.00 and gave the company a “buy” rating in a report on Friday, August 5th. Zacks Investment Research upgraded shares of Array BioPharma from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Tuesday, July 5th. Finally, Leerink Swann restated a “buy” rating on shares of Array BioPharma in a report on Monday, June 20th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. Array BioPharma currently has an average rating of “Buy” and a consensus target price of $8.38.
Shares of Array BioPharma (NASDAQ:ARRY) opened at 6.59 on Friday. The firm’s market capitalization is $955.69 million. The company’s 50-day moving average is $4.87 and its 200 day moving average is $3.77. Array BioPharma has a 52 week low of $2.38 and a 52 week high of $7.27.
Array BioPharma (NASDAQ:ARRY) last issued its quarterly earnings results on Thursday, August 4th. The biopharmaceutical company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.14) by $0.02. Array BioPharma had a negative return on equity of 568.67% and a negative net margin of 67.33%. The company had revenue of $43.20 million for the quarter, compared to analyst estimates of $41.51 million. During the same period last year, the company posted ($0.09) EPS. The business’s revenue for the quarter was up 251.2% on a year-over-year basis. Analysts anticipate that Array BioPharma will post ($0.72) EPS for the current fiscal year.
In other Array BioPharma news, major shareholder Redmile Group, Llc purchased 400,000 shares of the firm’s stock in a transaction on Thursday, September 15th. The stock was bought at an average price of $3.51 per share, with a total value of $1,404,000.00. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Array BioPharma by 3.6% in the second quarter. Vanguard Group Inc. now owns 8,677,752 shares of the biopharmaceutical company’s stock valued at $30,893,000 after buying an additional 299,761 shares during the period. Dimensional Fund Advisors LP bought a new position in shares of Array BioPharma during the second quarter valued at approximately $114,000. Alambic Investment Management L.P. raised its position in shares of Array BioPharma by 167.0% in the second quarter. Alambic Investment Management L.P. now owns 145,788 shares of the biopharmaceutical company’s stock valued at $519,000 after buying an additional 91,188 shares during the period. California State Teachers Retirement System raised its position in shares of Array BioPharma by 1.4% in the second quarter. California State Teachers Retirement System now owns 302,901 shares of the biopharmaceutical company’s stock valued at $1,078,000 after buying an additional 4,134 shares during the period. Finally, Chicago Equity Partners LLC raised its position in shares of Array BioPharma by 5,345.4% in the second quarter. Chicago Equity Partners LLC now owns 554,890 shares of the biopharmaceutical company’s stock valued at $1,975,000 after buying an additional 544,700 shares during the period. 76.88% of the stock is owned by hedge funds and other institutional investors.
Array BioPharma Company Profile
Array BioPharma Inc is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Company’s wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS).
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