Array Biopharma Sees Unusually High Options Volume (ARRY)

Array Biopharma Inc (NASDAQ:ARRY) was the target of some unusual options trading on Thursday. Stock traders acquired 16,000 call options on the company. This represents an increase of approximately 1,207% compared to the average daily volume of 1,224 call options.

ARRY has been the subject of a number of recent research reports. Guggenheim initiated coverage on Array Biopharma in a research note on Monday, September 17th. They set a “buy” rating for the company. Zacks Investment Research lowered Array Biopharma from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. BidaskClub lowered Array Biopharma from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 11th. Finally, Cowen set a $22.00 price objective on Array Biopharma and gave the company a “buy” rating in a research note on Sunday, October 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $22.44.

NASDAQ:ARRY opened at $16.47 on Friday. Array Biopharma has a 52 week low of $10.21 and a 52 week high of $20.21. The company has a debt-to-equity ratio of 0.42, a quick ratio of 4.71 and a current ratio of 4.71. The stock has a market cap of $3.20 billion, a PE ratio of -22.56 and a beta of 1.11.

Array Biopharma (NASDAQ:ARRY) last posted its earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($0.12) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.22) by $0.10. Array Biopharma had a negative return on equity of 80.00% and a negative net margin of 66.77%. The firm had revenue of $56.91 million for the quarter, compared to analysts’ expectations of $34.47 million. During the same period last year, the firm earned ($0.22) EPS. The company’s quarterly revenue was up 91.3% on a year-over-year basis. As a group, analysts expect that Array Biopharma will post -0.73 EPS for the current fiscal year.

In other Array Biopharma news, insider Victor Sandor sold 9,687 shares of Array Biopharma stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $15.38, for a total transaction of $148,986.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jason Haddock sold 20,000 shares of Array Biopharma stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $13.92, for a total value of $278,400.00. Following the transaction, the chief financial officer now owns 35,393 shares of the company’s stock, valued at approximately $492,670.56. The disclosure for this sale can be found here. Insiders have sold a total of 47,687 shares of company stock valued at $693,066 in the last quarter. Company insiders own 2.10% of the company’s stock.

Several large investors have recently bought and sold shares of the company. FMR LLC grew its position in shares of Array Biopharma by 3.3% during the 2nd quarter. FMR LLC now owns 24,390,396 shares of the biopharmaceutical company’s stock valued at $409,271,000 after acquiring an additional 787,460 shares during the period. BlackRock Inc. grew its position in shares of Array Biopharma by 6.1% during the 2nd quarter. BlackRock Inc. now owns 16,919,696 shares of the biopharmaceutical company’s stock valued at $283,912,000 after acquiring an additional 970,259 shares during the period. Morgan Stanley grew its position in shares of Array Biopharma by 127.7% during the 2nd quarter. Morgan Stanley now owns 3,578,476 shares of the biopharmaceutical company’s stock valued at $60,048,000 after acquiring an additional 2,006,894 shares during the period. American Century Companies Inc. grew its position in shares of Array Biopharma by 19.4% during the 3rd quarter. American Century Companies Inc. now owns 3,116,886 shares of the biopharmaceutical company’s stock valued at $47,377,000 after acquiring an additional 506,146 shares during the period. Finally, Northern Trust Corp grew its position in shares of Array Biopharma by 4.4% during the 2nd quarter. Northern Trust Corp now owns 2,524,664 shares of the biopharmaceutical company’s stock valued at $42,364,000 after acquiring an additional 105,314 shares during the period. Hedge funds and other institutional investors own 92.56% of the company’s stock.

About Array Biopharma

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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