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.
“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.
See today’s analyst top recommended stocks >>
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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.