Biotech Values

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ARRY price target raised by Jefferies.



ARRY price target raised

Monday, June 3, 3:45 PM ET
GlaxoSmithKline's recent regulatory success with Mekinist "validates the therapeutic potential of the MEK inhibitor class," Jefferies analyst Eun Yang says. This bodes well for Array BioPharma's (ARRY -1.7%) partnered MEK inhibitors, both of which were showcased at ASCO. Going forward, "planned Phase 3 initiations … should drive valuation upside from current levels," Yang adds, raising his price target on ARRY to $7 from $6.50 and reiterating a Buy rating


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