Redmile Group Continues To Agressively Buy Shares Of This Biotech

On August 3, Array Biopharma reported its second quarter earnings, declaring an EPS loss of $0.09 on revenue of $12.30 million, much better than analysts’ consensus estimate of an EPS loss of $0.16 on revenue of $10.29 million. Array Biopharma announced the appointment of Patricia Henahan as its new Chief Financial Officer (CFO) on September 8. Prior to joining Array Biopharma, Ms. Henahan served as the Vice President of Finance at Hospira, Inc. (NYSE:HSP), which was recently acquired by drug behemoth Pfizer Inc. (NYSE:PFE). Although all five of the analysts and brokerage houses that cover Array Biopharma currently have a ‘Buy’ rating on it, with one of its largest shareholders diluting its stake after seven continuous quarters of additions and without the shares having run up significantly to suggest profit booking, investors who are interested in buying the stock should exercise caution.

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