Cantor Reiterates Positive Stance on Array Biopharma Inc (ARRY)
In a research report published Friday, Cantor analyst Mara Goldstein reiterated an Overweight rating on shares of Array Biopharma Inc (NASDAQ:ARRY) with a price target of $13, after the drug maker reported an increase in revenue and a reduction in losses during the second quarter of its fiscal year 2017 that ended Dec. 31.
Goldstein noted, “ARRY reported F2Q17 EPS of ($0.14) on revenues of $44.5 mln, both of which were better than our forecasts of ($0.21) and $33 mln, respectively. The bigger news, in our view, is the confirmation of regulatory timetable for binimetinib in melanoma (both BRAF and NRAS) and the timing of other possible data releases. Our central thesis on ARRY shares is that the melanoma indication is likely larger than the market has been forecasting, and we still think this to be the case. Upside is possible, in our view, from other indications (BEACON) and other development candidates. We expect the NEMO NDA filing to have an FDA Advisory Committee panel meeting (“ODAC”) in the next few months (PDUFA June 30), which could also add visibility to the shares.”
According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Mara Goldstein has a yearly average return of 1.9% and a 43% success rate. Goldstein has a 70.6% average return when recommending ARRY, and is ranked #1674 out of 4395 analysts.