Jefferies maintains $6.00 target on ARRY
It sure didn't help the stock price any today.
Jefferies Discusses Array BioPharma (ARRY) After Detailed Selumetinib Ph2 Data in NSCLC
June 5, 2012 7:38 AM EDT
ARRY Hot Sheet
Today's Overall Ratings:
Up: 12 | Down: 13 | New: 18
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
Shares of Array BioPharma closed at $3.38 yesterday, with a 52 week range of $1.58-$4.10.
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