Array Biopharma Inc (NASDAQ: ARRY) is having an incredibly strong day in the market today, and for good reason. The company released overwhelmingly positive clinical data. Of course, this led to excitement among investors, leading to gains in the value of the stock. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:40), ARRY is trading at $8.63 per share after a gain of $1.61 per share or 22.93% thus far today.
ARRY Gains On Positive Clinical Data
As mentioned above, Array Biopharma is having an overwhelmingly positive day in the market today after the company announced positive results with regard to a key clinical trial. The clinical data came from the second part of the Phase 3 COLUMBUS study surrounding binimetinib, a MEK inhibitor. The study also focused on encorafenib, a BRAF inhibitor. Not only did the data show that the treatment was safe and generally well-tolerated, it also showed that the treatment proved to be effective. In a statement, Ron Squarer, CEO at ARRY, had the following to offer…
“The robust PFS benefit and tolerability observed with binimetinib plus encorafenib in COLUMBUS suggest the combination represents a potential important addition to the MEK/BRAF treatment landscape for patients with BRAF-mutant melanoma…”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ARRY. In particular, we’re interested in following ongoing developments following the binimetinib/encorafenib combination treatment as the results are overwhelmingly promising. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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