Array BioPharma Inc (NASDAQ:ARRY)
Array BioPharma, a biopharmaceutical company yesterday announced that they are submitting for new drug application of their drug binimetinib. Binimetinib is used for patients suffering from NRAS- mutant melanoma. The submission is based on positive results from the pivotal phase 3 study which met its primary endpoint.
Array BioPharma Inc. CEO’s Comments
The new drug application for binimetinib represents Array’s first – an important milestone for this promising compound and our Company,” said Ron Squarer, Chief Executive Officer, Array BioPharma. “NRAS-mutant melanoma represents an often overlooked subset of advanced disease without meaningful treatment options beyond immunotherapy and NEMO is the first-ever trial to meet a PFS endpoint in this population. We look forward to working with the FDA as they evaluate our application and the potential for binimetinib as a treatment option for these patients.
Mr. Squarer added, “While the results in the pre-specified sub-group of patients who had received prior treatment with immunotherapy are of interest, interpretation beyond overall consistency with the primary result should be made with care. Array anticipates that the primary consideration for marketing approval will be the results for the primary endpoint of the trial. PR Newswire
ARRY Technical Analysis
ARRY opened trading yesterday at $3.49, which was the same price as the previous days trading close. ARRY closed trading yesterday at $3.56 and spiked up after market to $3.75, equivalent to a 5% increase from the closing price. Taking a look at the daily chart we can see the last time ARRY traded above these levels was on June 6 when it traded at $3.84. Taking a closer look at the daily chart we can see that ARRY has been on an overall upward trend dating back to May 12 when it traded at $2.74. ARRY has a float of 95.84 million shares and traded below the normal daily trading volume on Thursday. For trading purposes, I would like to see ARRY open trading on Friday above $3.69 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.10 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Array BioPharma Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific. The company’s drugs in Phase III clinical trials include Binimetinib and Encorafenib for the treatment of cancer. Its drug candidates in Phase II clinical trials include Filanesib, a kinesin spindle protein inhibitor for multiple myeloma; ARRY-797, a p38 inhibitor for Lamin A/C-related dilated cardiomyopathy; ASC08/Danoprevir, a protease inhibitor for Hepatitis C virus; ASLAN001/ARRY-543, a pan-HER inhibitor for gastric or breast cancer; Ipatasertib/GDC-0068, an AKT inhibitor for cancer; Motolimod/VTX-2337, a toll-like receptor for cancer; and LY2606368, a chk-1 inhibitor for cancer.
The company’s Phase Ib drug candidate comprises GDC-0575, a chk-1 inhibitor for cancer; and ONT-380/ARRY-380, a HER2 inhibitor for breast cancer, as well as Phase I drug candidate includes GDC-0994, an ERK inhibitor for cancer and LOXO-101, a PanTrk inhibitor for cancer. Array BioPharma Inc. has collaboration agreements with Biogen Idec (NASDAQ:BIIB) MA Inc.; Array and Celgene Corporation (NASDAQ:CELG) and Celgene Alpine Investment Co., LLC; Genentech, Inc.; Loxo Oncology, Inc.; Novartis International Pharmaceutical Ltd.; and Oncothyreon Inc, as well as a collaboration with Dana-Farber Cancer Institute. The company was founded in 1998 and is headquartered in Boulder, Colorado. YahooFinance