Array Biopharma Inc (NASDAAQ: ARRY)
Array Biopharma had an incredible day in the market yesterday. That movement is being followed up by strong gains in the market today. All of this is happening for good reason. Yesterday, top-line results from a key clinical trial were released that proved to be overwhelmingly positive. Today, we’ll talk about the results, how the stock is reacting to the news, and what we can expect to see from ARRY moving forward. So, let’s get right to it…
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ARRY Soars On Strong Clinical Results
As mentioned above, Array Biopharma is having an incredibly strong time in the market today, and for good reason. The company recently released the results from Part 1 of a Phase 3 trial. The trial, known as COLUMBUS, is designed to evaluate LGX818, a BRAF inhibitor, as well as MEK 162, a MEK inhibitor. The treatments are designed for patients with BRAF-mutant, advanced, unresectable or metastatic melanoma.
Yesterday, it was announced that the first part of the trial has met its primary endpoint. The goal was to show significant improvement in progression free survival. When compared with vemurafenib, a BRAF inhibitor alone, the primary endpoint was met. In a statement, Ron Squarer, CEO at ARRY, had the following to offer:
“The COLUMBUS Part 1 trial results demonstrated a robust PFS benefit associated with the combination of binimetinib plus encorafenib versus vemurafenib in patients with BRAF-mutant melanoma… We look forward to working with global regulatory authorities as they evaluate our planned submission.”
The above statement was followed up by Frederic Duchesne, Pierre Fabre Chief Executive Officer of the Pharmaceutical Division. Here’s what he had to say:
“We are very pleased with the COLUMBUS Part 1 results and look forward to the possibility that, if approved, the combination of encorafenib plus binimetinib could offer a new treatment option for patients suffering from this devastating disease.”
What We’re Seeing From The Stock
As mentioned above, ARRY has reacted in an overwhelmingly positive way. After all, positive results from a clinical trial will generally lead to gains. In this particular case, the trial was a Phase 3 trial, meaning that the positive results signal regulatory submissions and the opportunity to actually get this treatment to the market. As a result, the stock nearly doubled in value yesterday, and the gains are continuing today. Currently (11:01), the stock is trading at $6.73 per share after a gain of $0.12 per share (1.82%) thus far today.
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What We Can Expect To See Moving Forward
Moving forward, I have an overwhelmingly bullish opinion of what we can expect to see from Array Biopharma moving forward. At the end of the day, the news released yesterday was overwhelmingly positive. Given the results, it only makes sense that reaching for approval will be the next step. All in all, it looks like ARRY is on its way to big gains with a new treatment.
What Do You Think?
Where do you think ARRY is headed moving forward? Join the discussion in the comments below!
[Image Courtesy of Flickr]