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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 07:26 EDT
JPMorgan analyst Anupam Rama says Array BioPharma's withdrawal of its new drug application filing for binimetinib in NRAS melanoma is a surprise. The analyst lowered his price target for the shares to $9 from $10 and thinks the stock today could be down 5%-10%. The analyst notes that NRAS melanoma only contributed around $100M in peak sales and $1 per share to his model. Rama keeps a Neutral rating on Array. The stock in premarket trading is down 14%, or $1.41, to $9.15.
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