Trend Alert: Array Biopharma Inc (NASDAQ:ARRY), Spirit Airlines Incorporated (NASDAQ:SAVE)
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Shares of Array Biopharma Inc (NASDAQ:ARRY) declined -012% to $8.50 on Tuesday. Amgen (AMGN) and Array BioPharma (ARRY) recently declared a partnership agreement for the discovery and development of novel drugs for autoimmune disorders. The unrevealed target and lead inhibitors were discovered through Array’s proprietary platform that leverages Array’s expertise in chemistry and early lead development.
“We are happy to enter this partnership with Array that builds on our continued focus in inflammation, one of Amgen’s key planned areas of interest,” said Flavius Martin, M.D., vice president of Research, Inflammation and Oncology at Amgen. “We look forward to partnering with Array BioPharma to advance molecules into the clinic that may offer a new treatment option for patients.”
“We look forward to collaborating with Amgen, a leader in treatments for inflammatory disease, on this exciting target which was discovered using Array’s proprietary Kinase-Directed Phenotypic Screening Platform,” said Nicholas A. Saccomano, Ph.D., chief scientific officer at Array BioPharma. “The identification of this novel target, together with our team’s deep experience in kinase inhibitor chemistry, gives us confidence that our efforts will result in a drug which will address a noteworthy unmet medical need for patients with inflammatory disease.”
Under the terms of the agreement, Amgen and Array will collaborate on preclinical development with Array leading the medicinal chemistry work. Amgen is responsible for clinical development and commercialization. In exchange for exclusive rights to Array’s preclinical program, Amgen will make upfront and milestone payments, in addition to pay royalties on sales of resulting therapies.
The stock settled at $8.50 per share, after floating in a range of $8.44 to $8.64. The stock moved on low volume, traded at a volume of 2.28 shares, as compared to its average daily volume of 2.28M shares. The market capitalization for the company is reported at $2.76M.
Spirit Airlines Incorporated (NASDAQ:SAVE) opened at $53.00. It reached an intraday trading high of $53.44 and closed at $52.06. Spirit Airlines stated a boost in traffic in June from last year, but also saw a boost in cancelations during the same time period.
The Miramar-based budget airline (SAVE) stated that traffic, or revenue passenger miles, raised 17 percent to $2.2 billion in June from previous year, according to its preliminary traffic results for June.
It also stated, however, that it accomplished just 96.1 percent of its planned flights in June, down from 97.7 percent in the previous year. (Source: South Florida Business Journal)
The stock price declined -1.34 points or -2.51% at the market. The total volume traded for the day is 2.02M higher as compared to its average daily volume of 1.01 shares. The current EPS for the company has been recorded at $3.35 and the beta value recorded by the company stands at 0.63 points.