Array Biopharma Shares Jump After Q3 Results

Shares of Array Biopharma Inc ARRY jumped around 10 percent in pre-market trading after the company reported results for the fiscal third quarter. The Boulder, Colorado-based company posted quarterly net income of $58.3 million, or $0.37 per share, versus a year-ago net loss of $24.9 million, or $0.20 per share. Its revenue dropped to $6.6 million from $7.8 million. However, analysts were expecting a loss of $0.01 per share on revenue of $6 million. Research and development expense for the quarter declined to $11.8 million, versus $14.1 million. Cost of partnered programs increased to $12.1 million for the third quarter, up from $10.8 million in the year-ago quarter. The company ended the quarter with $191 million in cash, cash equivalents and marketable securities. Ron Squarer, Chief Executive Officer of Array, 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." Array Biopharma shares jumped 9.97 percent to $6.95 in pre-market trading.