Array BioPharma (ARRY) PT Raised to $7 at Jeffeires Ahead of ARRY-797 Data at ESC
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Jefferies analyst Eun Yang reiterated a Buy rating and raised its price target on Array BioPharma (NASDAQ: ARRY) to $7.00 (from $6.00) ahead of data at ESC on 8/30/16 potentially showing durable efficacy.
Yang commented, "ARRY-797 for an orphan indication is not a focus for investors. Ahead of add'l data at ESC on 8/30/16 potentially showing durable efficacy, expert notes early 12wk data (~69m increase in 6MWD) is clinically meaningful, warranting Ph3 development. If approved, we see this ultra orphan indication (~2K-3K diagnosed pts in U.S./EU) as potentially meaningful for ARRY (NPV of ~$3/sh for ARRY-797); on 50% probability-adjusted ~$310M peak sales, upping PT to $7."
Shares of Array BioPharma closed at $3.24 yesterday.
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