Array Biopharma Inc (NASDAQ: ARRY)
Array Biopharma is having a rough start to the trading session today, and for good reason. The declines started in the pre-market hours when the company announced that it had withdrawn a New Drug Application with the United States Food and Drug Administration. Below, we'll talk about what we're seeing from ARRY, why, and what we'll be watching for ahead.
What We're Seeing From ARRY
As mentioned above, Array Biopharma isn't having the best of starts to the trading session today. In fact, the stock fell dramatically in the pre-market hours due to news of a withdrawn New Drug Application. When the market opened, the stock dipped a bit lower. Currently (9:30), the stock is trading at $9.46 per share after a loss of $1.10 per share or 10.42% thus far today.
Why The Stock Is Falling
As is usually the case, our partners at Trade Ideas were the first to inform us of the declines on ARRY. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the bottom. It didn't take long to dig up the story. The declines are ultimately the result of a withdrawn New Drug Application.
Early this morning, the company announced that it has withdrawn the NDA surrounding binimetinib monotherapy for the treatment of NRAS-mutant melanoma. The decision to withdraw the application came as the result of detailed discussions and communications between Array Biopharma and the United States Food and Drug Administration. Ultimately, it was determined that the clinical benefit demonstrated in the Phase 3 clinical trial surrounding the treatment would not be sufficient to support approval. It was also announced that ogoing trials surrounding the treatment will continue.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ARRY. In particular, we'll be watching the ongoing trials surrounding binimetinib. Nonetheless, we'll continue to follow the story closely and bring you the news as it breaks!
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