Array Biopharma Inc (NASDAQ:ARRY) is one of the few stocks moving anywhere Monday as the markets await the first presidential debate between Hillary Clinton and Donald Trump. And, boy, is it moving!
ARRY stock is up more than 60% on just about 20 times its normal volume thanks to positive data concerning Array’s melanoma therapy.
Specifically, Array and French pharmaceuticals company Pierre Fabre announced today that top-line results from the first part of their phase 3 Columbus study met its primary endpoint in patients with BRAF-mutant advanced melanoma.
In layman’s terms, the results show improvement in containing the illness compared to using vemurafenib alone.
Array Biopharma CEO Ron Squarer had this to say:
“The Columbus Part 1 trial results demonstrate a robust PFS benefit associated with the combination of binimetinib plus encorafenib versus vemurafenib in patients with BRAF-mutant melanoma. We look forward to working with global regulatory authorities as they evaluate our planned submission.”
While Pierre Fabre’s CEO, Frederic Duchesne, said:
“We are very pleased with the Columbus Part 1 results and look forward to the possibility that, if approved, the combination of encorafenib plus binimetinib could offer a new treatment option for patients suffering from this devastating disease.”
Prior to Array’s combination use of LGX818 and MEK162 (a BRAF inhibitor and a MEK inhibitor), the PFS of patients treated with a BRAF inhibitor alone was just 7.3 months. Today’s results from Array and Pierre Fabre show a PFS of 14.9 months, which is double the previous PFS rate.
Long-term investors in ARRY stock also have the shorts to thank for pushing shares so high, as 13% of the float was sold short going into this week.
The next catalyst to watch is Array’s earnings report on Nov. 2. Wall Street expects revenues of $32.47 million on a per-share loss of 16 cents.
As of this writing, John Kilhefner did not hold a position in any of the aforementioned securities.
