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Array BioPharma: Why Wall Street Analysts Are Positive

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Dec. 4 2020, Updated 10:53 a.m. ET

Stock performance

On June 20, Array BioPharma’s stock price grew 5.2% and reached $19.99 from its close of $19.0 the previous day. On June 20, Array BioPharma hit its 52-week high of $20.18.

On June 19, Array BioPharma’s stock price grew ~8.6% to ~$19.00 from its close of $17.50 on June 18.

On June 20, Array BioPharma’s stock price closed at $19.99, which represents ~180% growth from its 52-week low of $7.15 on August 3, 2017.

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Recent developments

In June, Array BioPharma (ARRY) provided updated results from the phase 3 COLUMBUS trial. The trial evaluated the safety and efficacy of encorafenib and binimetinib in treating individuals with BRAF-mutant advanced melanoma.

In the COLUMBUS clinical trial, patients receiving the encorafenib and binimetinib combination therapy showed a median overall survival of 33.6 months—compared to 16.9 months for patients receiving Roche’s Zelboraf (vemurafenib) monotherapy. The encorafenib and binimetinib combination therapy demonstrated a two-year survival of 58%.

Previously, Array BioPharma reported that patients receiving the encorafenib and binimetinib combination therapy demonstrated PFS (progression-free survival) of 14.9 months—compared to 7.3 months for patients receiving vemurafenib. Array BioPharma noted that the updated median PFS remained consistent with the previously reported median PFS.

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Analysts’ recommendations

Of the eight analysts tracking Array BioPharma in June, three recommended a “strong buy,” while five recommended a “buy.”

On June 20, Array BioPharma had a consensus 12-month target price of $21.38, which represents an ~7% return on investment over the next 12 months.

Peers’ ratings

Of the nine analysts tracking Halozyme Therapeutics (HALO) in June, ~44% recommended a “buy.” Among the 11 analysts tracking Aerie Pharmaceuticals (AERI), ~91% recommended a “buy.” Of 16 analysts tracking Intercept Pharmaceuticals (ICPT) in June, ~44% recommended a “buy.”

On June 20, Halozyme Therapeutics, Aerie Pharmaceuticals, and Intercept Pharmaceuticals had consensus 12-month target prices of $20.56, $82.3, and $106.69, respectively, which represents a return on investment of ~5.60%, ~24.9%, and ~25.3% over the next 12 months.

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