Array BioPharma Inc. (NASDAQ:ARRY) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 23,808,509 shares, an increase of 11.5% from the August 15th total of 21,357,969 shares. Currently, 13.9% of the company’s stock are sold short. Based on an average daily trading volume, of 3,354,016 shares, the days-to-cover ratio is currently 7.1 days.

Several equities research analysts recently commented on ARRY shares. J P Morgan Chase & Co reiterated a “buy” rating and set a $14.00 target price on shares of Array BioPharma in a report on Monday, September 11th. Zacks Investment Research downgraded Array BioPharma from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Jefferies Group LLC set a $9.00 target price on Array BioPharma and gave the company a “buy” rating in a report on Friday, August 25th. BidaskClub upgraded Array BioPharma from a “strong sell” rating to a “sell” rating in a report on Thursday, June 22nd. Finally, ValuEngine upgraded Array BioPharma from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Array BioPharma currently has a consensus rating of “Buy” and an average target price of $12.65.

Shares of Array BioPharma (NASDAQ:ARRY) opened at 11.29 on Tuesday. The firm’s 50-day moving average price is $9.23 and its 200 day moving average price is $8.78. Array BioPharma has a 12-month low of $3.45 and a 12-month high of $13.40. The stock’s market capitalization is $1.94 billion.

Array BioPharma (NASDAQ:ARRY) last posted its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. Array BioPharma had a negative return on equity of 1,187.18% and a negative net margin of 77.44%. The business had revenue of $33.80 million during the quarter, compared to analysts’ expectations of $28.64 million. During the same quarter in the previous year, the firm earned ($0.17) EPS. The firm’s revenue was down 21.8% compared to the same quarter last year. Analysts predict that Array BioPharma will post ($0.99) EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Prudential Financial Inc. lifted its position in shares of Array BioPharma by 3.5% during the 1st quarter. Prudential Financial Inc. now owns 17,377 shares of the biopharmaceutical company’s stock worth $155,000 after purchasing an additional 590 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Array BioPharma by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 182,500 shares of the biopharmaceutical company’s stock worth $1,528,000 after purchasing an additional 630 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Array BioPharma by 8.3% during the 2nd quarter. Teacher Retirement System of Texas now owns 12,737 shares of the biopharmaceutical company’s stock worth $107,000 after purchasing an additional 972 shares during the last quarter. Ameritas Investment Partners Inc. lifted its position in shares of Array BioPharma by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 15,148 shares of the biopharmaceutical company’s stock worth $127,000 after purchasing an additional 1,012 shares during the last quarter. Finally, Quantitative Systematic Strategies LLC lifted its position in shares of Array BioPharma by 9.6% during the 2nd quarter. Quantitative Systematic Strategies LLC now owns 12,568 shares of the biopharmaceutical company’s stock worth $106,000 after purchasing an additional 1,103 shares during the last quarter. 97.59% of the stock is owned by institutional investors and hedge funds.

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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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