Analysts Heap Bullish Attention On Array Biopharma Stock

Leerink boosted Array to "outperform" this morning

Managing Editor
Jan 22, 2018 at 10:18 AM
facebook X logo linkedin


Array Biopharma Inc (NASDAQ:ARRY) is up 13.7% to trade at $14.93, and earlier touched a 16-year high of $15.66, after Leerink upgraded the cancer treatment specialist to "outperform" from "market perform," while issuing a price-target hike to $19 from $12. The upgrade comes after the biotech stock reported strong clinical results over the weekend from its BEACON cancer treatment trials, with Leerink adding that the related sales opportunity could be larger than it previously expected. Stifel and Cowen chimed in with price-target hikes of their own, to $20 and $17, respectively.

The burst today has ARRY stock on track for its best session since February, and the drug stock has now added 68% in the last six months. A mid-December bull gap pushed ARRY stock past the formerly resistant $12 level, and the shares have been guided higher by their rising 20-day moving average ever since. 

A short squeeze could push the biotech stock even higher. Short interest decreased by nearly 27% during the last two reporting periods to 15.17 million shares. This still represents a hefty 11% of ARRY'S total available float, and at the equity's average daily trading volume, it would take nearly five sessions to repurchase these pessimistic positions -- plenty of fuel for additional gains.

This skeptical outlook certainly isn't shared by the broader analyst community. Specifically, eight of the nine covering brokerage firms have handed out "strong buy" recommendations. Moreover, the consensus 12-month price target of $17.78 stands as a 19% premium to the stock's current perch.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI