Array BioPharma Inc (NASDAQ:ARRY)
Array BioPharma Inc. (ARRY), a global biopharmaceutical company yesterday announced positive top line results from its phase 3 COLUMBUS study of Binimetinib. Binimetinib is an MEK inhibitor and encorafenib BRAF inhibitor for patients with BRAF-mutant melanoma.
The study showed a well tolerated safety profile which was consistent with earlier studies. Binimetinib is on track for a new drug application filing by June or July of 2017.
Array BioPharma Inc. CEO’s Comments
Ron Squarer, Chief Executive Officer at Array BioPharma noted: “The robust PFS benefit and tolerability observed with binimetinib plus encorafenib in COLUMBUS Part 2 once again demonstrates the combination represents a potentially important addition to the MEK/BRAF treatment landscape for patients with BRAF-mutant melanoma. The results of Part 2 confirm the contribution of binimetinib to the combination.” PR Newswire
ARRY Technical Analysis
Array BioPharma Chart
ARRY opened trading yesterday at $6.95, which is in line with the prices of penny stocks I trade, and was down from the previous day’s trading close of $6.96. ARRY closed trading yesterday at $7.02 and spiked up after market to $7.82, equivalent to a 11% increase from the closing price. Taking a look at the daily chart we can see that the last time ARRY traded above these levels we have to go back to May 1st when it traded at $8.76.
Taking a closer look at the daily chart we can see that before the spike up ARRY had been in an overall downward trend dating back to February 9th when it traded at $12.56. ARRY has a float of 135.92 million shares and traded 1.47 times the normal daily trading volume on Tuesday.
For day trading purposes, I would like to see ARRY open trading on Wednesday above $7.55 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.15 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, Encorafenib, and Selumetinib for the treatment of cancer, as well as ASC08/Danoprevir, a protease inhibitor for hepatitis C virus. Its drug candidates in Phase II clinical trials comprise Filanesib, a kinesin spindle protein inhibitor for multiple myeloma; ARRY-797, a p38 inhibitor for Lamin A/C-related dilated cardiomyopathy; ASLAN001/Varlitinib, a pan-HER2 inhibitor for gastric or breast cancer; Ipatasertib/GDC-0068, an AKT inhibitor for cancer; Motolimod/VTX-2337, a toll-like receptor for cancer; Prexasertib/LY2606368, a chk-1 inhibitor for cancer; LOXO-101, a PanTrk inhibitor for cancer; and ONT-380/ARRY-380, an HER2 inhibitor for breast cancer. The company’s Phase I drugs include GDC-0994, an ERK inhibitor for cancer; and ARRY-382, a CSF1R inhibitor for cancer, as well as Phase Ib drug candidate comprises GDC-0575, a chk-1 inhibitor for cancer. Array BioPharma Inc. was founded in 1998 and is headquartered in Boulder, Colorado.