Jefferies Maintains Bullish View on Array BioPharma (ARRY) Following Update from Society for Melanoma Research
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Jefferies analyst Eun Yang reiterated a Buy rating and $8 price target on Array BioPharma (NASDAQ: ARRY) following an updates from the Society for Melanoma Research.
Yang commented, "Melanoma (MEL) is the most mutated cancer; thus, targeted therapy to specific mutations provides a compelling tx rationale. With similar efficacy to other targeted combo tx (reducing disease progression by ~45-50%), BINI/ENCO represents a new tx option for BRAFm MEL (~45% of MEL). Particularly, pts with high mutational burden, 1L use of MEKi/BRAFi seems warranted. For NRASm MEL (~15% of MEL), optimal tx sequence would be 1L immunotherapy followed by BINI."
Shares of Array BioPharma closed at $6.51 yesterday.
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