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Cantor Fitzgerald Reiterates Buy on Array Biopharma (ARRY) Following Reported ECC/ESMO Data

September 29, 2015 6:50 AM EDT
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Price: $15.10 --0%

Rating Summary:
    16 Buy, 12 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 4 | New: 4
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Cantor Fitzgerald reiterated a Buy rating and $13.00 price target on Array BioPharma (NASDAQ: ARRY) after the company reported encouraging data from ECC/ESMO on combination studies with binimetinib. The profile appears tolerable and in line with Cantor Fitzgerald's thesis that binimetinib-based regimens could have a tolerability advantage over competitors in the same class.

Analyst Mara Goldstein commented, "Array shares, like many of its biotech brethren, have been under pressure with the broader market sell-off. This was also the case on Monday after Array reported encouraging data from ECC/ESMO on combination studies with binimetinib. We continue to like the binimetinib opportunity, particularly amid low expectations, and think the company's news flow will support valuation expansion. Our PT is $13, which is based predominantly on binimetinib, where we think expectations are modest."

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 $4.78 yesterday.



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Cantor Fitzgerald, Mara Goldstein