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Fly News Breaks for March 20, 2017
ARRY
Mar 20, 2017 | 07:31 EDT
After Array BioPharma withdrew its application for FDA approval of its binimetinib drug as an NRAS mutant melanoma treatment following a meeting with the agency, Wells Fargo does not think the withdrawal impacts the chances of the drug succeeding as a treatment for BRAF melanoma. Wells says that the BRAF indication is larger, while the benefit of the drug is also greater in that indication and it appears to be best in class. Wells trimmed its price target on Array to $13-$15 from $16-$18 but keeps an Outperform rating on the shares.
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