Array BioPharma Inc. (NASDAQ:ARRY)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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.

The biopharmaceutical company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The firm had revenue of $33.80 million during the quarter, compared to analysts’ expectations of $28.64 million. Array BioPharma’s quarterly revenue was down 21.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.17) earnings per share.

ARRY has been the topic of several analyst reports. J P Morgan Chase & Co raised Array BioPharma from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $9.00 to $10.00 in a research note on Wednesday, May 3rd. Jefferies Group LLC set a $8.00 price objective on Array BioPharma and gave the stock a “buy” rating in a research note on Saturday, May 6th. Piper Jaffray Companies set a $14.00 price objective on Array BioPharma and gave the stock a “buy” rating in a research note on Wednesday, May 31st. ValuEngine raised Array BioPharma from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, BidaskClub raised Array BioPharma from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.54.

Large investors have recently modified their holdings of the company. AQR Capital Management LLC acquired a new position in Array BioPharma during the fourth quarter worth approximately $1,152,000. Norges Bank acquired a new position in Array BioPharma during the fourth quarter worth approximately $440,000. UBS Asset Management Americas Inc. boosted 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 worth $7,502,000 after buying an additional 771,189 shares in the last quarter. Teachers Advisors LLC boosted its position in Array BioPharma by 3.1% in the fourth quarter. Teachers Advisors LLC now owns 2,040,451 shares of the biopharmaceutical company’s stock worth $17,936,000 after buying an additional 61,659 shares in the last quarter. Finally, Parametrica Management Ltd acquired a new position in Array BioPharma during the first quarter worth approximately $275,000. 96.42% of the stock is currently owned by institutional investors.

The firm’s market cap is $1.48 billion. The company’s 50-day moving average price is $8.23 and its 200-day moving average price is $9.18.

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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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