Baird Downgrades Array BioPharma (ARRY) to Neutral
ARRY Hot Sheet
Rating Summary:1 Buy, 1 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 22
Baird downgrades Array BioPharma (Nasdaq: ARRY) from Buy to Neutral. Price target $3.
Baird analyst says, "Despite some encouraging efficacy signals for ARRY-162, an abnormally high placebo response rate rendered these results non-statistically significant. With little in the way of near-term value-enhancing catalysts, we can no longer recommend purchase here. However, given what we still see as a strong discovery platform, we may look to get more constructive again pending future signs of R&D productivity...Moving to the sidelines. We continue to believe in the long-term potential of ARRY's discovery platform, but would like to see some signs of R&D productivity before recommending the stock again."
Array BioPharma Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer, inflammatory, and metabolic diseases in North America, Europe, and Asia Pacific.
Baird analyst says, "Despite some encouraging efficacy signals for ARRY-162, an abnormally high placebo response rate rendered these results non-statistically significant. With little in the way of near-term value-enhancing catalysts, we can no longer recommend purchase here. However, given what we still see as a strong discovery platform, we may look to get more constructive again pending future signs of R&D productivity...Moving to the sidelines. We continue to believe in the long-term potential of ARRY's discovery platform, but would like to see some signs of R&D productivity before recommending the stock again."
Array BioPharma Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer, inflammatory, and metabolic diseases in North America, Europe, and Asia Pacific.
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