Array Biopharma Inc (NASDAQ:ARRY) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 18,386,950 shares, an increase of 13.0% from the March 15th total of 16,269,253 shares. Based on an average daily volume of 5,324,939 shares, the short-interest ratio is presently 3.5 days. Currently, 10.9% of the shares of the stock are sold short.
In other news, Director Charles M. Baum sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $9.27, for a total value of $231,750.00. Following the sale, the director now directly owns 30,000 shares in the company, valued at approximately $278,100. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Knott David M acquired a new position in Array Biopharma during the first quarter valued at approximately $107,000. Aperio Group LLC raised its position in Array Biopharma by 13.6% in the third quarter. Aperio Group LLC now owns 16,494 shares of the biopharmaceutical company’s stock valued at $111,000 after buying an additional 1,978 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in Array Biopharma during the first quarter valued at approximately $114,000. Quantbot Technologies LP raised its position in Array Biopharma by 10.9% in the first quarter. Quantbot Technologies LP now owns 14,523 shares of the biopharmaceutical company’s stock valued at $129,000 after buying an additional 1,423 shares in the last quarter. Finally, 361 Capital LLC acquired a new position in Array Biopharma during the first quarter valued at approximately $141,000. 88.58% of the stock is currently owned by institutional investors.
ARRY has been the topic of a number of research analyst reports. Vetr upgraded Array Biopharma from a “sell” rating to a “hold” rating and set a $9.99 price target on the stock in a research report on Monday, March 20th. Jefferies Group LLC restated a “buy” rating and set a $8.00 price target on shares of Array Biopharma in a research report on Wednesday, March 29th. JPMorgan Chase & Co. upgraded Array Biopharma from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $9.00 to $10.00 in a research report on Wednesday, May 3rd. Stifel Nicolaus increased their price target on Array Biopharma from $8.00 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 3rd. Finally, Cowen and Company decreased their price target on Array Biopharma to $14.00 and set an “outperform” rating on the stock in a research report on Monday, March 20th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Array Biopharma presently has an average rating of “Buy” and a consensus target price of $11.19.
Array Biopharma (NASDAQ:ARRY) last posted its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by $0.05. The firm had revenue of $33.28 million for the quarter, compared to analysts’ expectations of $38.28 million. The business’s quarterly revenue was down 22.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.16) EPS.
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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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