Shares of Array BioPharma Inc. (NASDAQ:ARRY) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.57, but opened at $7.90. Array BioPharma shares last traded at $8.66, with a volume of 5,253,441 shares changing hands.

The biopharmaceutical company reported ($0.17) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.04. The business had revenue of $33.80 million during 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 1,187.18%. Array BioPharma’s quarterly revenue was down 21.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.17) EPS.

A number of analysts have commented on the stock. Jefferies Group LLC set a $8.00 price target on shares of Array BioPharma and gave the company a “buy” rating in a research note on Saturday, May 6th. Piper Jaffray Companies reiterated a “buy” rating and issued a $14.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Cantor Fitzgerald set a $13.00 target price on shares of Array BioPharma and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Stifel Nicolaus reiterated a “buy” rating and issued a $13.00 target price on shares of Array BioPharma in a research note on Thursday, August 10th. Finally, Zacks Investment Research upgraded shares of Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $11.54.

Institutional investors have recently bought and sold shares of the stock. Fisher Asset Management LLC raised its position in Array BioPharma by 72.0% in the second quarter. Fisher Asset Management LLC now owns 134,180 shares of the biopharmaceutical company’s stock valued at $1,123,000 after buying an additional 56,166 shares during the last quarter. UBS Asset Management Americas Inc. raised its position in Array BioPharma by 937.3% in the fourth quarter. UBS Asset Management Americas Inc. now owns 853,469 shares of the biopharmaceutical company’s stock valued at $7,502,000 after buying an additional 771,189 shares during the last quarter. Alambic Investment Management L.P. raised its position in Array BioPharma by 12.6% in the first quarter. Alambic Investment Management L.P. now owns 195,030 shares of the biopharmaceutical company’s stock valued at $1,744,000 after buying an additional 21,800 shares during the last quarter. Spark Investment Management LLC raised its position in Array BioPharma by 30.9% in the first quarter. Spark Investment Management LLC now owns 343,900 shares of the biopharmaceutical company’s stock valued at $3,074,000 after buying an additional 81,200 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Array BioPharma during the first quarter valued at $1,242,000. Institutional investors own 96.27% of the company’s stock.

The firm’s 50-day moving average is $8.27 and its 200-day moving average is $9.00. The company’s market capitalization is $1.50 billion.

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About Array BioPharma

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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