Array Biopharma Sees Unusually Large Options Volume (ARRY)

Array Biopharma Inc (NASDAQ:ARRY) was the target of some unusual options trading activity on Thursday. Investors acquired 2,137 put options on the company. This is an increase of 738% compared to the average volume of 255 put options.

In related news, Director Carrie Smith Cox bought 5,000 shares of the stock in a transaction that occurred on Tuesday, February 19th. The shares were acquired at an average cost of $23.20 per share, with a total value of $116,000.00. Following the completion of the purchase, the director now directly owns 8,000 shares of the company’s stock, valued at approximately $185,600. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.10% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ARRY. American International Group Inc. raised its holdings in Array Biopharma by 0.4% during the fourth quarter. American International Group Inc. now owns 135,789 shares of the biopharmaceutical company’s stock worth $1,935,000 after purchasing an additional 520 shares during the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of Array Biopharma by 38.2% during the first quarter. Cornerstone Advisors Inc. now owns 2,226 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 615 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Array Biopharma by 4.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 16,793 shares of the biopharmaceutical company’s stock valued at $409,000 after purchasing an additional 706 shares during the last quarter. First Mercantile Trust Co. grew its holdings in shares of Array Biopharma by 5.4% during the first quarter. First Mercantile Trust Co. now owns 19,762 shares of the biopharmaceutical company’s stock valued at $481,000 after purchasing an additional 1,010 shares during the last quarter. Finally, US Bancorp DE grew its holdings in shares of Array Biopharma by 26.8% during the first quarter. US Bancorp DE now owns 6,151 shares of the biopharmaceutical company’s stock valued at $150,000 after purchasing an additional 1,301 shares during the last quarter. 98.35% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently commented on ARRY. Zacks Investment Research upgraded Array Biopharma from a “hold” rating to a “buy” rating and set a $19.00 price target for the company in a research report on Wednesday, January 23rd. Cantor Fitzgerald set a $30.00 target price on Array Biopharma and gave the company a “buy” rating in a report on Tuesday, February 5th. BidaskClub lowered Array Biopharma from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, April 16th. Finally, Cowen set a $25.00 price target on Array Biopharma and gave the company a “buy” rating in a research note on Sunday, May 5th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Array Biopharma presently has a consensus rating of “Buy” and a consensus target price of $26.90.

Shares of Array Biopharma stock traded up $0.21 during trading hours on Friday, hitting $22.04. The company’s stock had a trading volume of 111,398 shares, compared to its average volume of 2,068,971. Array Biopharma has a twelve month low of $12.56 and a twelve month high of $25.05. The firm has a market cap of $4.92 billion, a PE ratio of -30.08 and a beta of 1.40. The company has a quick ratio of 5.65, a current ratio of 5.70 and a debt-to-equity ratio of 0.45.

Array Biopharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. Array Biopharma had a negative return on equity of 48.51% and a negative net margin of 52.64%. The firm had revenue of $64.68 million for the quarter, compared to analyst estimates of $54.04 million. During the same quarter in the prior year, the company earned ($0.11) EPS. Array Biopharma’s revenue was down 2.5% on a year-over-year basis. As a group, equities analysts expect that Array Biopharma will post -0.53 earnings per share for the current year.

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Array Biopharma Company Profile

Array BioPharma Inc, a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer and other diseases in North America, Europe, and the Asia Pacific. It provides BRAFTOVITM (encorafenib) capsules in combination with MEKTOVI (binimetinib) tablets for the treatment of patients with unresectable or metastatic melanoma with a BRAF mutation.

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