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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 07:19 EDT
SunTrust analyst Peter Lawson cut his price target on Array after the company withdrew its application for FDA approval of its NRAS mutant melanoma drug, binimetinib, following a meeting with the FDA. The analyst says that the company believes that the data on the drug was not sufficient to support approval as a treatment for NRAS mutant melanoma. He lowered the chances of binimetinib's success as a treatment for mutated BRAF genes to 50% from 75% and consequently lowered his price target on the stock to $12 from $15.However, the analyst still believes that the company has at least two other potential positive catalysts and he keeps a Buy rating on the shares.
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