Array BioPharma

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Array BioPharma ( ARRY) is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. This stock is trading up 5.4% at $3.68 in recent trading.

Today's Range: $3.49-$3.80

52-Week Range: $1.58-$3.53

Volume: 1.13 million

Three-Month Average Volume: 868,835

Shares of ARRY are ripping higher today after the company announced encouraging selumetinib results for phase II trials in ovarian cancer. Selumetinib was invented by Array and licensed to AstraZeneca.

From a technical perspective, ARRY is continuing a breakout pattern today now that the stock is comfortably above its recent breakout levels of $3.27 to $3.33. Volume so far is tracking in very strong and well above its average action of 868,835 shares.

Traders should now watch for ARRY to close above its next major overhead resistance level of $3.60. If we get that close today, then look for ARRY to uptrend toward $4 to $4.25 or possibly higher in the near future. Traders should consider long biased traders as long as ARRY is trending above $3.60 with strong upside volume flows.

Array shows up on a list of 7 Cancer Drug Stocks to Know Right Now.

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