Apple, Array Biopharma, Alaska Air, and More: Here’s Why These Five Stocks Are in the Spotlight

Array Biopharma Inc (NASDAQ:ARRY) shares are 14% in the red after the company announced that it has withdrawn the NDA for binimetinib monotherapy for the treatment of NRAS-mutant melanoma, which is a rare, mutationally-driven subset of skin cancer. Based on feedback from the FDA, Array concluded that ‘the clinical benefit demonstrated in the Phase 3 NEMO clinical trial would not be found sufficient to support approval of the NRAS-mutant melanoma NDA’. The action does not impact the planned Phase 3 COLUMBUS trial NDA of binimetinib, in combination with encorafenib, for the treatment of BRAF-mutant melanoma, however. 23 top funds owned shares of Array Biopharma Inc (NASDAQ:ARRY) as of the most recent 13-F reporting period, down 9 funds from the previous quarter.

Alaska Air Group, Inc. (NYSE:ALK) is in the spotlight after Joseph DeNardi of Stifel upgraded the stock to ‘Buy’ from the previous ‘Hold’. DeNardi likes Alaska Air’s valuation and thinks the market is underestimating the value of Alaska Air’s loyalty program. He has a $145 price target, up from the previous $105. The falling oil prices also certainly help boost sentiment for the stock. 34 top funds had a bullish position in Alaska Air Group, Inc. (NYSE:ALK) at the end of December, down 2 funds from the previous quarter.

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