Array Biopharma Gets a Buy Rating from Cantor Fitzgerald


In a report released yesterday, Mara Goldstein from Cantor Fitzgerald maintained a Buy rating on Array Biopharma (NASDAQ: ARRY), with a price target of $24. The company’s shares closed yesterday at $19, close to its 52-week high of $19.02.

Goldstein commented:

“. We maintain an Overweight rating and a $24 PT on ARRY shares. The company has an upcoming PDUFA of 6/30/18 for the combination of binimetinib/encorafenib (bini/enco), which, based on the results of the COLUMBUS study, has the potential to be best-in-class and take a market-leader position, in our view. In addition, we see further opportunity in BRAF+ CRC based on the safety lead-in portion of the BEACON study, which could expand the potential market, with updated results to be presented on June 23.”

According to TipRanks.com, Goldstein is a 3-star analyst with an average return of 2.8% and a 40.0% success rate. Goldstein covers the Healthcare sector, focusing on stocks such as Karyopharm Therapeutics, CytomX Therapeutics Inc, and Genocea Biosciences.

Currently, the analyst consensus on Array Biopharma is Strong Buy and the average price target is $20.50, representing a 7.9% upside.

In a report issued on June 5, Cowen & Co. also reiterated a Buy rating on the stock with a $19 price target.

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The company has a one-year high of $19.02 and a one-year low of $7.15. Currently, Array Biopharma has an average volume of 2.53M.

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Array BioPharma, Inc. engages in the research, development, and commercialization of pharmaceutical products. Its portfolio includes Binimetinib, Selumetinib, Encorafenib, Filanesib, ONT-380 (ARRY-380), ARRY-797, Ipatasertib, Motolimod, Danoprevir, ARRy-614, GDC-0994, and LOXO-101. Its drugs focuses on the treatment of cancer and inflammatory diseases.

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