Leerink Partners Starts ARIAD Pharmaceuticals (ARIA) at Outperform
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Leerink Partners initiates coverage on ARIAD Pharmaceuticals (NASDAQ: ARIA) with a Outperform rating and a price target of $20.00.
Analyst Michael Schmidt commented, "Despite recent strong stock performance, ARIA shares still trade at a discount to other commercial stage Oncology Biotech companies while the top line is expected to grow above that of its peers with a 35% 2016-18E CAGR. Based on discussions with MEDACorp KOLs and our analysis of the CML market, we expect Iclusig to deliver above consensus sales growth over the next 3 years while Street expectations for the company's pipeline products are still low. Driven by a best-in-class product profile, we believe brigatinib is well positioned to exceed commercial expectations in ALK+ NSCLC, while AP32788, the company’s differentiated EGFR inhibitor, represents what we view as a free source of upside with Ph I data expected in mid-’17. ARIA’s new management team has positioned a leaner, more focused company for commercial execution in the US while also maintaining future strategic flexibility. Our conservative $20 per share DCF-based price target attributes $10 to Iclusig and $10 to brigatinib."
Shares of ARIAD Pharmaceuticals closed at $13.52 yesterday.
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