Array BioPharma Inc. (NASDAQ:ARRY) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 28,717,062 shares, a growth of 20.6% from the August 31st total of 23,808,509 shares. Based on an average daily trading volume, of 9,904,743 shares, the short-interest ratio is presently 2.9 days. Approximately 16.8% of the company’s shares are short sold.

In related news, Director Kyle Lefkoff sold 38,865 shares of the stock in a transaction that occurred on Friday, September 29th. The shares were sold at an average price of $12.31, for a total value of $478,428.15. Following the transaction, the director now directly owns 51,585 shares in the company, valued at $635,011.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.18% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd lifted its position in shares of Array BioPharma by 31.2% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 44,385 shares of the biopharmaceutical company’s stock worth $372,000 after purchasing an additional 10,546 shares during the period. Verition Fund Management LLC acquired a new position in shares of Array BioPharma in the 2nd quarter worth approximately $346,000. Ameritas Investment Partners Inc. lifted its position in shares of Array BioPharma by 7.2% in 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 period. Raymond James Financial Services Advisors Inc. lifted its position in shares of Array BioPharma by 71.9% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 18,317 shares of the biopharmaceutical company’s stock worth $153,000 after purchasing an additional 7,661 shares during the period. Finally, 361 Capital LLC lifted its position in shares of Array BioPharma by 91.8% in the 2nd quarter. 361 Capital LLC now owns 30,258 shares of the biopharmaceutical company’s stock worth $253,000 after purchasing an additional 14,480 shares during the period. Hedge funds and other institutional investors own 87.04% of the company’s stock.

Several brokerages recently weighed in on ARRY. Cantor Fitzgerald restated a “buy” rating and issued a $15.00 price objective on shares of Array BioPharma in a report on Tuesday, September 26th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $18.00 target price (up previously from $14.00) on shares of Array BioPharma in a research note on Wednesday, September 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $9.00 target price on shares of Array BioPharma in a research note on Tuesday, September 12th. Cowen and Company reaffirmed an “outperform” rating and issued a $15.00 target price (up previously from $14.00) on shares of Array BioPharma in a research note on Monday, September 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $15.00 target price (up previously from $13.00) on shares of Array BioPharma in a research note on Monday, September 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $13.10.

Shares of Array BioPharma (ARRY) opened at 12.30 on Friday. The firm has a 50-day moving average of $9.34 and a 200 day moving average of $8.78. Array BioPharma has a 52 week low of $3.63 and a 52 week high of $13.40. The company’s market cap is $2.11 billion.

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

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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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