UPDATE: Leerink Swann Upgrades Array BioPharma (ARRY) to Outperform; Exciting Data Help Leverage to MEK Inhibitors

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(Updated - August 15, 2012 10:31 AM EDT)

Leerink Swann upgraded Array BioPharma (NASDAQ: ARRY) from Market Perform to Outperform. PT raised from $4 to $8.

Analyst, Gena Wang, said, "With two partnered programs (with AstraZeneca (NYSE: AZN) (MP-rated) and Novartis (NYSE: NVS) (OP-rated)) and 4 clinical candidates, ARRY could be the most leveraged to the theme of MEK inhibitors. We increase our valuation from $4 to $8 to reflect a higher probability of success for selumetinib in NSCLC (from 30% to 65%) and the inclusion of probability-weighted
MEK162 sales in NRAS melanoma, based on recent promising Phase II data for both programs."

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 $4.87 yesterday, with a 52 week range of $1.58-$5.39.

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