Array Biopharma (ARRY) Receives a Buy from Cantor Fitzgerald

Cantor Fitzgerald analyst Varun Kumar assigned a Buy rating to Array Biopharma (ARRY) today and set a price target of $30. The company’s shares closed yesterday at $18.89.

Kumar noted:

“We believe that the stock currently trades at a significant discount as its lead asset, Mektovi+Braftovi, still appears underappreciated by investors. Based on our discussion with KOLs and our market analysis, we believe that Array’s MEK/BRAFi combination has a best-in-class profile and is well-positioned commercially in BRAF- mutant melanoma and clinically in BRAF-mutant colorectal cancer. In melanoma, Array’s combo is already showing impressive market traction, and we expect it to capture the lion’s share ahead of NVS’s (NC) and Roche’s (NC) MEK/BRAFi agents.”

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Array Biopharma with a $24.80 average price target.

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Based on Array Biopharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $24.81 million. In comparison, last year the company had a GAAP net loss of $34.05 million.

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Array BioPharma, Inc. engages in the research, development, and commercialization of targeted small molecule drugs for the treatment of cancer and other high-burden diseases. Its portfolio includes Binimetinib, Selumetinib, Encorafenib, Filanesib, Ipatasertib, Varltinib, Danoprevir, ARRY-797, Larotrectinib, Tucatinib, ARRY-382, Motolimod, Prexasertib, GDC-0575, LOXO-292, LOXO-195, and AK-1830. The company was founded by Kevin Koch, Anthony Piscopio, K. C. Nicolaou, and David L. Snitman in 1998 and is headquartered in Boulder, CO.

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