NEW YORK (TheStreet) -- Shares of Array BioPharma (ARRY) - Get Report were surging 57.12% to $5.74 on heavy trading volume late Monday morning after the company's therapy to treat certain types of skin cancer met its primary goal in a late-stage trial.

The treatment targets skin cancer that cannot be removed with surgery and has spread from the part of the body where it originated. 

The trial combined two drugs, encorafenib and binimetinib. Patients who were given the drug combination had a higher chance of progression-free survival compared to those who were given traditional methods of treatment.

Piper Jaffray increased its price target to $10 from $7 on shares of the Boulder-based biopharmaceutical company following the results, maintaining an "outperform" rating.

The firm said it is not concerned that the drug combination "barely missed" the trial's secondary endpoint, the Fly reports.

Array could soon see two approvals in the $1 billion melanoma market, as binimetinib has a prescription drug user fee act (PDUFA) date of June 30, Piper Jaffray added.

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JPMorgan alsoreiterated an "outperform" rating on Array shares this morning, noting that the drug combination has a "high probability of approval," according to the Fly.

JPMorgan anticipates that the encorafenib and binimetinib combination is worth $3 per share and that regulatory submission will occur in 2017.

More than 46.5 million shares of Array have traded so far today, vs. the 30-day average volume of 2.15 million shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: ARRY

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