Dallas, Texas 02/13/2014 (FINANCIALSTRENDS) – During the latest trading session the shares of Array Biopharma Inc. (NASDAQ:ARRY) were not able to maintain the lead that they acquired during the start of the day. During the start of the day they opened 10 percent higher and at the end of the day they settled for a modest 2 percent gain only. The main reason behind this dip is due to the earnings report published by the company and the investors were not able to digest all this.
As per the earnings report the company reported revenue of $14.1 million and a loss of $0.13 per share. The top line took a beating with 23 percent dip and the company also declared that they are going to spend little less on the research and development work for the year 2014. The $0.13 loss per share reported by the company is less than last year which was $0.16. The share has touched a high of $7.10 in last 52 week and its 52 week low is $3.69. If we talk about the current market capitalization then it comes around to be $615.99 million. The company has a beta of 1.70 and EPS is -0.60.
An Overview of the Company
Array Biopharma Inc. (NASDAQ:ARRY) is a biopharmaceutical company that is mainly focused towards the discovery, development and commercialization of targeted small molecule drugs for the treatment of the patients suffering from cancer. As per the company’s recent announcement their seven phases 3 and other pivotal studies are already in progress and company is planning to come up with something really big during the next year.
The main aim of the company is to launch full versions of hematology drug, ARRY-520, for multiple myeloma and cancer drugs such as MEK 162 that is in direct collaboration with Novartis and selumetinib with AstraZeneca.