Array BioPharma Inc. (NASDAQ: ARRY) released is fiscal third-quarter earnings before the markets opened Monday. The company reported a net loss of $0.11 per share on $6.6 million in revenue for the period. Thomson Reuters had consensus estimates for a net loss of $0.01 per share on revenue of $6.0 million. Last year the company reported a net loss of $0.20 per share on revenue of $7.77 million.
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This biopharmaceutical company has a focus on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer. Six Phase 3 studies are currently enrolling patients. These programs include three cancer drugs, binimetinib (wholly owned), encorafenib (wholly owned) and selumetinib (partnered with AstraZeneca).
Array regained worldwide rights to MEK inhibitor binimetinib and acquired worldwide rights to BRAF inhibitor encorafenib.
There are three Phase 3 trials advancing, including a study in non-small cell lung cancer.
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Apart from those, Array has filanesib in the pipeline with two Phase 2 studies that are continuing to enroll. The company also has ARRY-797, which is enrolling a 12-patient Phase 2 study to evaluate its effectiveness and safety in patients with LMNA-related dilated cardiomyopathy, a serious, genetic cardiovascular disease.
Ron Squarer, CEO of Array, stated in its earnings release:
With the close of the Novartis-GSK transaction, Array now owns both binimetinib and encorafenib, two innovative oncology products in Phase 3, with plans for regulatory submissions for each product in 2016. These transformative transactions have accelerated our path to commercialization and provide us with the opportunity to develop two potentially broadly active products in a number of indications.
Array ended the quarter with $191 million in cash, cash equivalents and marketable securities.
Monday morning, shares of Array were up 14.6% at $7.24, in a 52-week trading range of $2.98 to $8.59. The stock has a consensus analyst price target of $10.14.
Part of the jump in share prices could be attributed to short covering. The short interest reading for the April 15 settlement date was 25.8 million, with 19.2 days to cover. Note that the past five readings have been the highest in the past 52-weeks.
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