Morning Commentary: Array BioPharma surges again in active trade; Priceline bonds slip

By Rebecca Melvin

New York, Sept. 27 – The convertibles of Array BioPharma Inc. jumped again in active trade on Tuesday as the common shares of the Boulder, Colo.-based-biopharmaceutical company extended gains on the heels of news on Monday that its melanoma therapy met its primary endpoint in a phase 3 trial.

The Array 3% convertibles due 2020 traded at 121.25 in the early going Tuesday, which was up about 5 points on the day, according to Trace data. On Monday the convertibles surged upward from below par.

Array shares were up another 3% to $6.82 after surging on Monday.

Elsewhere, Priceline Group Inc.’s convertibles were down fractionally against a small gain in the common shares of the Norwalk, Conn.-based online travel services company.

The Priceline 1% convertibles due 2018 traded down about 0.8 point to 157. The Priceline 0.9% convertibles due 2021 traded down 0.25 point to 107, and the Priceline 0.35% convertibles due 2020 traded at 126.35.

Priceline shares were up $6.36, or 0.4%, to $1,453.51.

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