Leerink analyst Michael Schmidt notes that Array BioPharma announced it has withdrawn its new drug application for binimetinib in NRAS+ melanoma following recent FDA interactions since results of the Phase 3 trial do not support regulatory approval. While NRAS+ melanoma was only a small value driver for the company, the analyst thinks this comes as a surprise to investors and is "a clear setback" for Array and management's regulatory and commercial strategy. He reiterated a Market Perform rating on the stock, and lowered his price target on the shares to $9 from $11.

Mizuho lowered the firm's price target on Array Technologies to $16 from $18 and keeps a Neutral rating on the shares. The firm's Q1 clean energy estimates are mostly in line with company guidance and consensus, saying most companies reset expectations on the Q4 earnings call and had good visibility for the quarter. The analyst says Mizuho's most significant change in its quarterly preview is regarding Q2 results for the residential solar and inverter names. The firm expects Q2 installs to be down quarter-over-quarter verses consensus assuming a Q1 trough, based on permitting data which show Q2 MWs down 7% quarter-over-quarter. Mizuho's sector preference for utility solar over residential solar is unchanged.