Array BioPharma (NASDAQ:ARRY) is in rally mode today. Let us discuss why Array BioPharma stock is flying.
Array BioPharma stock is seeing green today after it providedupdated results from a Phase 3 clinical trial, BEACON CRC, assessing the triplet combination of encorafenib, binimetinib and Eli Lilly’s ERBITUX (cetuximab) in patients with BRAF-positive metastatic colorectal cancer (CRC).
The data were presented at the ASCO GU Symposium in San Francisco.
On the safety front, the most common Grade 3 (serious) or Grade 4 (life-threatening) adverse events (AEs) (30 subjects) were fatigue (13.3%), urinary tract infection (10.0%); elevated AST (enzyme biomarker for liver damage) (10.0%) and elevated CK (enzyme biomarker for damage to the heart, muscle or kidney) (10.0%).
There were two discontinuations due to treatment-related AEs.
In CRC patients with the BRAF V600E mutation, estimated median progression-free survival (PFS) was 8 months.
The confirmed overall response rate (ORR) was 48%, including three complete responders. The ORR was 62% (n=10/16) in patients who received only one prior line of therapy.
Array Biopharma stock was also upgraded to Outperform by Leerink.
How to play it
Quad 7 Capital rates this stock a solid hold. We think that trading gains can be made today and tomorrow, but the catalyst up or down beyond today’s news will be results of the trial. Keep an eye on cash burn in this name as well.