Array BioPharma (ARRY) Could Trade up 50-75% Amid Positive COLUMBUS Trial Results - JPMorgan

September 26, 2016 9:43 AM EDT
Get Alerts ARRY Hot Sheet
Price: $6.11 +0.49%

Rating Summary:
    5 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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JPMorgan analyst Anupam Rama weighed in on Array BioPharma (NASDAQ: ARRY) after the company and partner Pierre Fabre announced positive results from phase 3 Columbus trial of encorafenib + binimetinib for the treatment of BRAF-melanoma. The analyst said the stock could trade up ~50-75% amid the results.

Rama commented, "Indeed, Columbus trial results were a key catalyst for ARRY shares and the top-line data highlight statistically significant PFS benefit for encorafenib + binimetinib versus vemurafenib alone (primary endpoint), without any major safety concerns. Of note, a regulatory submission is expected in 2017 and we see a high probability of approval. Looking to the call, key questions include: expectations for Part 2 of the Columbus trial, more granular expectations on timing of regulatory filing, medical conference presentation strategy, and the Array’s most up to date views on commercial dynamics (i.e., sequencing with immunotherapy, etc). We believe ARRY shares could be up materially on today’s update (encorafenib + binimetinib BRAF-melanoma worth ~$3/share in our model or potentially ~50-75% upside from current levels)."

The firm maintained an Overweight rating and price target of $6 on ARRY.

For an analyst ratings summary and ratings history on Array BioPharma click here. For more ratings news on Array BioPharma click here.

Shares of Array BioPharma closed at $3.65 yesterday.

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