Jefferies Maintains Bullish View on ARIAD (ARIA) Despite CRL

Jefferies reiterated their Buy rating and $18 price target on ARIAD Pharmaceuticals (NASDAQ: ARIA) despite yesterday's Complete Response Letter (CRL) letter for Taltorvic.

The firm comments, "As widely expected, FDA issued a Complete Response Letter (CRL) for MRK/ARIA's Taltorvic (ridaforolimus) as maintenance therapy of metastatic sarcoma on Taltorvic's PDUFA date, June 5 (from the negative ODAC panel outcome on 3/20/12). With ARIA's valuation primarily driven by ponatinib, we see no/minimal impact on ARIA current valuation."

For an analyst ratings summary and ratings history on ARIAD Pharmaceuticals click here. For more ratings news on ARIAD Pharmaceuticals click here.

Shares of ARIAD Pharmaceuticals closed at $16.20 yesterday.

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