Shares of Array BioPharma (NASDAQ:ARRY) could be on the move today, as CEO Ron Squarer is speaking at the Jefferies 2016 Global Healthcare Conference, with talking points scheduled in the afternoon. Earlier in the week, he also spoke during Stifel’s 2016 Healthcare Conference.
The company’s Phase-3 trials to develop a drug in the melanoma market recently met their primary endpoint. The results from the “COLUMBUS” trial provided strong results and, according to a well-known doctor, “underscored the promise of binimetinib plus encorafenib as a potential, attractive treatment option for patients diagnosed with BRAF-mutant melanoma.”
Array could get two approvals in the $1 billion melanoma market, with binimetinib having a Prescription Drug User Fee Act (PDUFA) date of June 30. This is a process in which companies can collect fees from drug manufacturers to fund a new drug approval process. The “ARRY-797” drug is in Phase-2 trials.
Buy to open the ARRY January (2017) 7 calls (ARRY170120C00007000) for a maximum price of $0.95.
Wednesday’s peak reached $7.20. Resistance is at $7-$7.25. The 52-week high is at $7.27. Support is at $6.75-$6.50.