Array BioPharma (ARRY) PT Raised to $8 at Jefferies
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Jefferies analyst Eun Yang reiterated a Buy rating and raised his price target on Array BioPharma (NASDAQ: ARRY) to $8.00 (from $7.00) following successful Phase 3 COLUMBUS results yesterday.
Yang commented, "Given historical MEKi/BRAFi combo data in BRAFm melanoma, positive Ph3 COLUMBUS data is not a surprise. However, strong PFS benefits with BINI/ENCO combo (vs. prior studies) is a nice surprise (albeit not a head-to-head study), clearly demonstrating adding MEKi to BRAFi augments PFS benefits to BRAFi alone. With BINI under FDA review & BINI/ENCO filings in 2017, ARRY would potentially have two drugs on market for melanoma by early 2018."
Shares of Array BioPharma closed at $6.61 yesterday.
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