Jefferies Maintains Buy, $6 Target on Array BioPharma

Jefferies reiterates its Buy rating and $6 target price on Array BioPharma

on encouraging early data from Phase 2 data for ARRY-520. Jefferies says, “At ASH (American Society of Hematology) on 12/10-12/13, ARRY presented Ph2 data for ARRY-520 (KSP inhibitor) in relapsed/refractory multiple myeloma (

). There was no complete response (

), but ORR was 19%, similar to what carfilzomib showed in similar MM patient population (~18%). While only 1 patient discontinued Tx due to AE, ~31% of patients experienced dose reduction, primarily due to hematologic AEs.” ARRY closed at $2.30 per share on Friday.