Jefferies Discusses Array BioPharma (ARRY) After Detailed Selumetinib Ph2 Data in NSCLC

Jefferies commented on Array BioPharma (NASDAQ: ARRY) after the company presented detailed Ph2 data for selumetinib in KRAS-mutated NSCLC.

The firm notes their discussion with AstraZeneca PLC (NYSE: AZN) indicates Ph3 start shortly. "Moreover, preliminary Ph2a data for MEK162/ARRY-162 in cutaneous melanoma demonstrates proof-of concept; selumetinib+DTIC Ph2 overall survival (OS) data in melanoma expected by end-2Q12 (~25% reduction in mortality vs. DTIC alone considered as success)."

The firm maintained their Buy rating and price target of $6.00

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 $3.38 yesterday.

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