Array BioPharma (ARRY) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 16,266,486 to 14,071,789 shares, with 5 days to go before the expiry. The short open interest has decreased by -13.5%, amounting to a reduction of -2,194,697 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 10% of the float of the company. The average daily volume of the stock is 3,125,369 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Array BioPharma (NASDAQ:ARRY): The stock opened at $3.40 on Wednesday but the bulls could not build on the opening and the stock topped out at $3.52 for the day. The stock traded down to $3.20 during the day, due to lack of any buying support eventually closed down at $3.23 with a loss of -4.44% for the day. The stock had closed at $3.38 on the previous day. The total traded volume was 2,520,582 shares.
Array BioPharma Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer. The Companys wholly owned clinical stage drugs include Filanesib in Phase II clinical trials, is indicated for Kinesin spindle protein (KSP), inhibitor for MM; ARRY-797 in Phase II clinical trials, indicated for p38 inhibitor for Lamin A/C-related dilated cardiomyopathy (LMNA-DCM); ARRY-502 in Phase II clinical trials, indicated for CRTh2 antagonist for asthma, and ARRY-614 in Phase I clinical trials, is indicated for p38/Tie2 dual inhibitor for myelodysplastic syndromes (MDS). In addition, the Company has 11 ongoing partner-funded clinical programs, including two MEK inhibitors, which are both in Phase III clinical trials, binimetinib with Novartis and selumetinib with AstraZeneca.