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.