Array Biopharma Inc ARRY shares are trading higher by $0.30 (4.5 percent) at $6.89 in Tuesday's session. The momentum from Monday's session, rallying from $3.65 to $6.6,1 has carried over into today's session.
The catalyst for Monday's rally was a Pierre Fabre report that the COLUMBUS Phase 3 study of Encorafenib Plus Binimetinib for BRAF-Mutant Melanoma met its primary endpoint.
Monday's move on monster volume of 102.3 million shares dwarfed the 50-day average volume of 4.1 million and may have signaled a bunch of new longs in the issue.
Those newly-established longs are getting some instant gratification on their recent purchase. More new longs or some shorts throwing in the towel instigated a sharply higher open ($7.20 vs. Monday's close of $6.61).
However, it climbed only another $0.07 to $7.27 before reversing course. So far, it has been unable to reach the upper-end of Monday's range ($6.65) as $6.80 stands as the low for the session.
The issue hasn't closed above $7 since April 24, 2015, when it ended the session at $7.19.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
