NEW YORK (TheStreet) -- Shares of Array Biopharma Inc (ARRY) were jumping, up 11.87% to $7.07 on heavy volume in late morning trading Monday, after the drug developer reported its earnings results for the fiscal third quarter.
The company earned 37 cents per share, compared to the consensus estimate for a loss of 1 cent, according to analysts polled by Thomson Reuters.
Revenue fell to $6.6 million from a year earlier $7.8 million, but surpassed the $6 million analysts were expecting.
During the quarter, Array entered into a third party agreement to complete the Novartis transactions.
Array CEO Ron Squarer said, "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."
About 3.87 million shares have exchanged hands as of 10:57 a.m. ET today, compared to its average trading volume of about 1.64 million shares a day.
Boulder, CO-based Array BioPharma is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer.
Separately, TheStreet Ratings team rates ARRAY BIOPHARMA INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ARRAY BIOPHARMA INC (ARRY) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The area that we feel has been the company's primary weakness has been its deteriorating net income."