Array Biopharma Inc.’s (NASDAQ: ARRY) shares spiked 22.95 percent to close at $25.77 a share on Tuesday. The stock traded between $21.94 and $26.82 on volume of 20.03 million shares traded. Shares of Array Biopharma have soared nearly 85 percent in 2019.
Array’s stocks was sent soaring after the company reported positive results from its Phase 3 BEACON CRC clinical trial evaluating the combination of BRAFTOVI, a BRAF inhibitor, MEKTOVI, a MEK inhibitor, and ERBITUX, an anti-EGFR antibody, in patients with BRAFV600E-mutant metastatic colorectal cancer following one or two prior lines of therapy. The company is expected to the results for marketing approval in the second half of 2019.
“The BEACON CRC trial is the first Phase 3 trial in patients with BRAFV600E-mutant mCRC and these results show a significant improvement compared to available standard of care options for this patient population,” said Scott Kopetz, M.D., Ph.D., FACP, Associate Professor, Department of Gastrointestinal Medical Oncology, Division of Cancer Medicine at The University of Texas MD Anderson Cancer Center. “Given that there are no therapies currently FDA-approved for this patient population, I believe the
results of the BEACON CRC trial will be practice-changing.”