UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Array BioPharma on MKE Program Potential

In a report published Monday, Jefferies analyst Eun K. Yang reiterated a Buy rating on

, and raised the price target from $6.50 to $7.00. In the report, Jefferies noted, “Recent FDA approval of GSK's Mekinist (trametinib) for melanoma validates therapeutic potential of the MEK inhibitor class. With planned multiple Ph3 initiations from ARRY's partnered two MEK programs (e.g., selumetinib with AZN and MEK-162 with NVS) in 2013, we view progress in partnered programs will likely drive valuation upside from current levels.” Array BioPharma closed on Friday at $5.84.