Array Biopharma is having an incredible time in pre-market trading today after announcing solid data from a recent clinical trial. Based on the data that was released early this morning, we can expect to see long term gains from the stock. Today will talk about the data from the clinical trail, what this data means for the company, how the ARRY is reacting to the news, and what we can expect to see from the stock moving forward.
ARRY Announces Positive Data With Regard To Binimetinib
Binimetinib is a clinical phase treatment that is designed to treat patients with advanced NRAS-mutant melanoma. Early this morning ARRY announced data from the Phase 3 clinical trial of the treatment, known as NEMO. In the announcement, we learned that the study met its primary endpoint. Ultimately, the goal was to prove an improvement in progression-free survival when compared to the current standard of care, dacarbazine. In the Binimetinib arm, progression-free survival came in at 2.8 months. In the dacarbazine arm, progression-free survival came in at 1.5 months. According to the data released, binimetinib was well tolerated. While there were adverse events, those events were consistent with previous results in NRAS melanoma patients.
Based on the findings of the NEMO trial, ARRY is now planning on submitting binimetinib to regulatory authorities in an attempt to achieve approval for marketing the drug as a positive treatment for NRAS-mutant melanoma during the first half of 2016. The overall results of the trial, including progression-free survival, objective response rate, safety and prespecified subgroup analyses will be released during a medical meeting in 2016. In a statement, Ron Squarer, CEO of ARRY had the following to say
“We are excited to announce positive results from the NEMO trial, which suggest binimetinib has the potential to provide an important new treatment option for patients with advanced NRAS melanoma We look forward to discussing the data with the FDA And other regulatory agencies in the near future.”
How The Market Is Reacting To The News
We still have a couple of hours before the market opens. However, pre-market activity on ARRY is overwhelmingly bullish. Currently (7:35), the stock is trading at $4.89 per share after a gain of 27.85% or $1.06.
What We Can Expect To See From ARRY Moving Forward
Moving forward, I have an overwhelmingly bullish expectation with regard to what we can expect to see from ARRY moving forward. Based on the data that was released today, it seems as though binimetinib has proven to be a successful treatment for advanced NRAS melanoma. As a result of the positive data, ARRY has already announced that it will be seeking approval from the FDA in the first half of 2016. With that said, Im expecting for the submission of the NDA to prove to be a positive catalyst, followed by approval of the treatment. This of course, will lead to gains in the future.
What Do You Think?
Where do you think ARRY is headed moving forward? Let us know your opinion in the comments below!
[Image Courtesy of Wikipedia]
Article Source: Array Biopharma (ARRY) Stock: Climbing On Positive Data