Deutsche Bank Starts ARIAD Pharmaceuticals (ARIA) at Hold
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Deutsche Bank initiated coverage on ARIAD Pharmaceuticals (NASDAQ: ARIA) with a Hold rating and a price target of $9.50.
Analyst Andrew Peters said, "The pricing controversy in biopharma has recently hit Ariad, and hence we believe headline risk could overshadow any positive pipeline newsflow until the issue is resolved. Further, while we view ARIA as one of the most fundamentally solid companies in biotech with two commercial (or soon to be commercial) oncology assets, we expect shares to be range-bound in the nearterm as headline risk is weighed against the lack of clear value drivers over the next 12months. That said, we are positive on the company's longer-term fundamentals and its prospects for upside catalysts beyond that timeframe."
Shares of ARIAD Pharmaceuticals closed at $9.01 yesterday.
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