Array BioPharma Inc.ARRY was a big mover last session, as its shares rose nearly 21% on the day. The upside was driven by the company's announcement of a successful Phase 3 trial for its cancer drug binimetinib. This also led to far more shares changing hands than in a normal session. Yesterday's rally breaks the recent trend for the company, as the stock is now trading above the volatile price range of $3.83 to $4.22 in the past one-month time frame.
Over the last 30 days, the company witnessed one positive and one negative estimate revision while the Zacks Consensus Estimate moved lower, signaling trouble down the road. So make sure to keep an eye on this stock going forward to see if yesterday's move higher lasts.
Array BioPharma currently has a Zacks Rank #3 (Hold) while its Earnings ESP is positive.
A better-ranked biomedical stock is Anika Therapeutics Inc. ANIK with a Zacks Rank #1 (Strong Buy).
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