Array BioPharma Inc ARRY lept higher Friday following an announcement that it acquired international rights to Encorafenib from Novartis AG NVS. Analysts were impressed by favorable terms of the deal, notably that there is no upfront fee and that Novartis will continue to support ongoing clinical trials.
A slew of analysts have raised price targets on the biotech company.
- Jefferies upped its price target to $10 from $9, which represents a 42 percent upside potential.
- Stifel increased its price target to $9 from $6 previously, noting that Array’s transition to a commercial oncology company will continue to attract investor interest.
- JP Morgan raised its price target to $9.
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