Shares of Array BioPharma (ARRY) - Get Report jumped 6.6% to $8.70 in premarket trading on Tuesday. The Boulder, Colo.-based firm and Bristol-Myers Squibb (BMY) - Get Report announced a research collaboration that takes a look at Array's investigational MEK inhibitor, binimetinib, in tandem with Bristol-Myers Squibb's Opdivo (nivolumab) and Opdivo + Yervoy (ipilimumab) regimen as a potential treatment for metastatic colorectal cancer in patients that have microsatellite stable tumors.

The first study is anticipated to start in the second half of the year.

Among the other biotech movers was Advaxis (ADXS) - Get Report, whose shares were up 3.8% to $8.75 on the heels of news of its clinical development collaboration, also with Bristol-Myers. The companies will evaluate ADXS-DUAL, an investigational immunotherapy targeting HPV-associated cancers, and Bristol-Myers' Opdivo as a potential combination treatment option for women that have metastatic cervical cancer.

The firms expect the study to kick off by yearend.

Shares of Bristol-Myers closed at $53.97 on Friday.

Meanwhile, shares of Merrimack Pharmaceuticals (MACK) - Get Report were up 8.3% to $2.43 on Tuesday. Other biotech movers include Insys Therapeutics (INSY) , up 4.7% to $14.80.

Jim Cramer and the AAP team say that while they continue to expect that airline fundamentals will improve this year and they like the long-term Southwest Airlines (LUV) - Get Report story, they would likely wait for the stock to fall back into the mid-to-high $50s before building the position further, taking into account a "potential near-term pullback or stagnation following the strong run across the space." Find out what they are telling their investment club members. Get a free trial subscription to Action Alerts PLUS.

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