Leerink Positive on Array BioPharma (ARRY) Following ARRY-797 Phase 2 Update

August 30, 2016 2:26 PM EDT
Get Alerts ARRY Hot Sheet
Price: $6.42 --0%

Rating Summary:
    5 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 27 | New: 31
Trade ARRY Now!
Join SI Premium – FREE

Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.

Leerink affirms Array BioPharma (Nasdaq: ARRY) at Outperform with a price target of $6 after the company announced results from a Phase 2 study of ARRY-797, an oral, selective p38 mitogen-activated protein kinase inhibitor, in patients with lamin A/C-related dilated cardiomyopathy (LMNA-related DCM), a rare, degenerative cardiovascular disease caused by mutations in the LMNA gene and characterized by poor prognosis.

The firm commented on Tuesday: ARRY presented data from its Phase II trial of ARRY-797 (MAPK inhibitor) in patients with lamin A/C-related dilated cardiomyopathy (LMNA-DCM), a rare genetic cause of heart failure at the European Society of Cardiology Congress (ESC) in Rome, Italy. The data, in our view, look very intriguing, but early to us and warrants further study of the drug in this large orphan indication which is presently not reflected in our and the Street's valuation of ARRY shares. Mgmt noted it is evaluating different options to advance ARRY-797 either on its own, partnering, or creating a separate company based on this asset. Next up, results from the upcoming COLUMBUS trial of ARRY's proprietary MEK and BRAF inhibitors represent a potential near-term source of upside if positive while the recently initiated Ph III trial in colorectal cancer and ARRY's early stage pipeline are longer-term value drivers not currently reflected in the stock.

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

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, FDA

Add Your Comment