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Array BioPharma Inc (NASDAQ: ARRY) lept higher Friday following an announcement that it acquired international rights to Encorafenib from Novartis AG (NYSE: NVS). Analysts were impressed by favorable terms of the deal, notably that there is no upfront fee and that Novartis will continue to support ongoing clinical trials.
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A slew of analysts have raised price targets on the biotech company.
- Jefferies upped its price target to $10 from $9, which represents a 42 percent upside potential.
- Stifel increased its price target to $9 from $6 previously, noting that Array’s transition to a commercial oncology company will continue to attract investor interest.
- JP Morgan raised its price target to $9.