Leerink Swann Downgrades Array Biopharma (ARRY) to Market Perform; Phase II trial of ARRY-162 Results Poor
ARRY Hot Sheet
Rating Summary:1 Buy, 1 Hold, 0 Sell
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Leerink Swann downgrades Array Biopharma (Nasdaq: ARRY) from Outperform to Market Perform. Price target slashed from $6 to $2.
Leerink analyst says, "Bottom Line: Last night, at the end of management's projected time window, ARRY announced data from a randomized Phase II trial of ARRY-162 ('162, MEK inhibitor) for rheumatoid arthritis (RA) that we view to be poor. With '162 RA data out of the way and without its potential to generate a large upside, we do not see another compound in ARRY's remaining pipeline to generate excitement in the near term. The company does have a broad pipeline but in the new funding environment, its breadth may be difficult to sustain in our view. Including the $120M loan from Deerfield, ARRY's valuation is not compelling to us."
To see more analyst ratings on ARRY Click Here.
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.
Leerink analyst says, "Bottom Line: Last night, at the end of management's projected time window, ARRY announced data from a randomized Phase II trial of ARRY-162 ('162, MEK inhibitor) for rheumatoid arthritis (RA) that we view to be poor. With '162 RA data out of the way and without its potential to generate a large upside, we do not see another compound in ARRY's remaining pipeline to generate excitement in the near term. The company does have a broad pipeline but in the new funding environment, its breadth may be difficult to sustain in our view. Including the $120M loan from Deerfield, ARRY's valuation is not compelling to us."
To see more analyst ratings on ARRY Click Here.
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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