Shares of Array BioPharma Inc. are falling even as the biotechnology company moves a cancer and inflammatory treatment candidate into early-stage clinical trials.

The stock tumbled 60 cents, or 7.8 percent, to reach $7.12 Tuesday. Shares have traded between $5.03 and $14.59 over the last 52 weeks.

Hopefully $7 will be a support for the SP and limit the fall however 6-6.50 maybe is better support.

Robert W. Baird analyst Christopher Raymond reaffirmed a "Outperform" rating with a $15 price target and said the development advancement was anticipated.