Quick Win by the Algorithm: ARRY Skyrockets

Quick Win by the Algorithm

Array BioPharma, Inc. (ARRY)

On September 20, the I Know First algorithm gave a bullish signal of 57.75 for the ticker ARRY with a predictability indicator of 0.12.  As the algorithm predicted, ARRY experienced a quick win of 78.11% in only 7 days.

Quick Win by the Algorithm

Array BioPharma, Inc. (ARRY) is a biopharmaceutical company founded in 1998 and headquartered in Boulder, Colorado.  The company researches, develops, and commercializes small molecular drugs to treat cancer patients. In addition to discovery drug products, the firm also creates, evaluates, and optimizes potential drug candidates in collaboration with pharmaceutical and other biotechnology companies.  Binimetinib and encorafenib are 2 drugs developed by the company with the hopes of receiving Food and Drug Administration (FDA) approval.

Quick Win by the Algorithm

Array’s impressive 78.11% return in 7 days is attributed to the encouraging news released on Monday, Sept. 26th. The melanoma therapy, which combines both drugs developed by the company: binimetinib and encorafenib, showed favorable results in its late trial period.  If the drugs continue to show promising results to treat forms of skin cancer, this could expedite the process of gaining FDA approval.

Since the release of the report, analysts have readjusted their opinion of the company. The next day on Tuesday, Sept, 27th, JPMorgan increased their price target by 33% from $6 to $8 and reiterated their overweight rating.  Piper Jaffray as well maintained an outperforming rating and rose the price target even higher than JPMorgan’s.  The new price target increased from $7 to $10.

Before making any trading decisions, consult the latest forecast as the algorithm constantly updates predictions daily. While the algorithm can be used for intra-day trading the predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.

Missed the latest trend? Looking for the next best market opportunity? Find out today’s stock forecast based on our advanced self-learning algorithm