Outcomes from Biotech Trials Boost Array Biopharma (ARRY), GW Pharmaceuticals (GWPH)

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Array Biopharma Inc. (Nasdaq:ARRY) shares are changing hands at one-year high level on Monday as the company said that a combination of binimetinib plus encorafenib was more effective in improving progression-free survival than vemurafenib in patients with BRAF-mutant melanoma, meeting the primary endpoint of the Part 1 of the late stage COLUMBUS trial

Brokerage firm Piper Jaffray bosted its price target on the company’s stock from $7.00 to $10.00, following the positive trial outcome

ARRY stock is trading at $6.23, up $2.58 (or +70.68%), and 76.17M of its shares changed hands so far

Array Biopharma, which is focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer, has 145.02M Shares Outstanding and ARRY stock new 52-week range is currently between $2.38 and $6.25 per share

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Shares of GW Pharmaceuticals plc (Nasdaq:GWPH) climbed more than 17.5% to reach a new 52-week high in early trade Monday after the British company said that its cannabinoid drug Epidiolex performed better than placebo in reducing drop seizures associated with Lennox-Gastaut syndrome, achieving the primary endpoint objective of a Phase 3 clinical trial.

Following the positive trial outcome, investment analysts at Cantor Fitzgerald raised their price target on shares of GW Pharmaceuticals from $165.00 to $182.00, while maintaining a Buy rating

GWPH stock is changing hands at $124.78, up $17.22 (or +16.01%) with 2.71M shares traded so far, representing a large increase in activity versus its average volume (3m) of 624.50k

GW Pharmaceuticals, which engages in discovering, developing, and commercializing cannabinoid prescription medicines, has 21.77M Shares Outstanding and GWPH stock new one-year range is from $35.83 to $126.47 per share

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