Shares of Array BioPharma (ARRY) jumped 6.6% to $8.70 in premarket trading on Tuesday. The Boulder, Colo.-based firm and Bristol-Myers Squibb (BMY) 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) , 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.
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) 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.
Meanwhile, over on Real Money, Cramer says that the "first thing you notice with the transports is how few stocks are doing the heavy lifting." Get his insights or analysis with a free trial subscription to Real Money.