Legg Mason raised the price target and reiterates the buy rating on Array Biopharma (ARRY).
Analyst John Woolford says the timing of an investigational new drug application is in line with expectations, and should allow for the initiation of a Phase I trial in Spring, 2004. He believes the Food and Drug Administration's acceptance of Array's ARRY-142886 cancer-drug application is an important step in Array's transformation into a clinical-stage therapeutics company, and demonstrates the efficiency of its drug delivery platform.
Woolford says potential upcoming catalysts include the initiation of a Phase I trial for MEK-142886, updates from ongoing collaborations, and new collaborations. He upped the $11 target to $13. He sees a 12 cents third-quarter loss, and a 10 cents fourth-quarter loss.