Array Biopharma Recoups Some Of Its Losses From Sharply Lower Open

Array Biopharma Inc ARRY shares are trading lower by $0.66 (7.2 percent) at $9.90 in Monday's session.

Before the open, the company announced its new drug application for its Binimetinib Monotherapy for the treatment of a rare skin cancer has been withdrawn from the FDA Division of Oncology Products. The company announced it will continue trials for the drug in combination with Encorafenib, with the Phase 3 results to be delivered in mid-2017.

After a much lower open, Array's stock reached $8.93 in the first minute of the session and began to rebound. That low coincides with a pair of lows from January 6 ($8.84) and January 9 ($8.88). So far, the ensuing rally has taken the issue right to the bottom end of Friday's range ($10.25).

At this time, the issue is attempting to avoid it first close under $10.00 since January 11, when it ended that session at $9.42.