3 Stock in News; ARRY, CHK, CRME

Array BioPharma Inc. ( NASDAQ:ARRY ) stock gained as its loss narrowed this quarter, exceeding analyst expectations. It announced its second quarter earnings for fiscal 2011, with revenue of $16.5 million for the second quarter as compared to revenue of $9.6 million for the comparable period previous year. This quarter the company spent $14.5 million in proprietary research and development to advance its fully owned clinical development and discovery programs. It reported a net loss of $12.4 million, or ($0.23) per share, for the second quarter as compared to a net loss of $21.8 million, or ($0.44) per share, for the comparable period previous year. The company reported revenue of $35.0 million for the six-month period as compared to revenue of $17.5 million for the comparable period previous year. The net loss for the six months was $23.1 million, or ($0.42) per share as compared to a net loss of $46.6 million, or ($0.96) per share in the comparable period previous year. The analyst expected the company to report a loss of $0.28 per share and expected revenues of $16.36 million. Array BioPharma focuses on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. Chesapeake Energy Corporation ( NYSE:CHK ) recently surged on its announcement of acquisition by CNOOC International Limited, a wholly-owned subsidiary of CNOOC, which is slated to purchase 33.3% undivided interest in Chesapeake’s 800,000 net oil and natural gas leasehold acres in the Denver-Julesburg and Powder River Basins in northeast Colorado and southeast Wyoming. The consideration for the transaction will be $570 million. Also, CNOOC Limited has agreed to fund 66.7% of Chesapeake's share of drilling and completion costs until an additional $697 million is paid, which Chesapeake expects to occur by year-end 2014. Chesapeake focuses on discovering, acquiring and developing conventional and unconventional natural gas reserves onshore in the United States. CARDIOME PHARMA CORP ( NASDAQ:CRME ) reported its partner Merck confirmed the completion of the current review of vernakalant, an oral formulation for atrial fibrillation patients. Both the companies recently had announced a collaboration and license agreement for the development and commercialization of vernakalant. Also, Merck informed Cardiome of its next steps in clinical development for vernakalant (oral) beginning in 2011. Cardiome focuses on developing drugs to treat or prevent cardiovascular diseases. This corporate profile is provided for information purposes only and should not be used as the basis for any investment decision. We are neither licensed nor qualified to provide investment advice. We were not paid, nor do we hold a position in these stocks. We reserve the right to buy or sell any stock mentioned in this report at any time after this post.
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