Brean Murray Carret & Co. Assumes Coverage on ARIAD Pharmaceuticals (ARIA) at Buy, $11 Price Target

Brean Murray Carret & Co. is assuming coverage on shares of ARIAD Pharmaceuticals (NASDAQ: ARIA) with a Buy rating and $11 price target.

The firm states that its valuation is based on the company's development of two valuable drugs, rid and pon.

Pon is currently being developed for CML patients who are resistant or intolerant to second and third line treatments. Patients who typically take pon remain on the drug for 3 to 5 years.

The firms current FY11 and FY12 EPS estimates are a loss of $0.78 and a loss of $0.48.

Brean Murray Carret & Co comments that, "prior to pivotal pon data, partner Merch should complete its NDA and MAA filing in 2H11, in time to begin generating Ariad's first royalty stream by early 2013."

For more ratings news on ARIAD Pharmaceuticals click here and for the rating history of ARIAD Pharmaceuticals click here.

Shares of ARIAD Pharmaceuticals closed at $8.23 yesterday.

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