Shorts Seize On Leerink's Array Biopharma Downgrade

Loading...
Loading...

Array Biopharma Inc ARRY shares are trading lower by $0.82 (7 percent) at $10.37 in Monday's session. The catalyst for the decline is a downgrade from Leerink Swann, which before the open downgraded the issue from Outperform to Market Perform.

This has spared the first significant decline in the issue since it rallied from its December 1 close ($7.92) to as high as $11.65 on January 23. Longer-term, it has more than tripled since its month-end August close of $3.43.

Whether it be profit-taking or short-sellers reloading, the issue has been under selling pressure from the opening bell. So far, its first print of $10.77 is only $0.02 from the high for the session of $10.79. The follow-through selloff has taken the issue to $10.16 and it's attempting to rebound. The current low coincides with its January 13 low of $10.16.

The issue has not closed below $10.00 since January 11, when it ended that session at $9.42.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
We simplify the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...