Jefferies Raises Target on ARIAD Pharmaceuticals (ARIA) Following Q4 Results

Jefferies raised its price target on Buy-rated ARIAD Pharmaceuticals (NASDAQ: ARIA) from $16 to $17 following Q4 results. The company posted a wider 4Q net loss of $52M - versus the firm's estimate of $31M - largely due to non-cash charge related to warrant liability revaluation

The firm comments, "Despite higher OpEx expected in 2012, YE11 cash of $306M should be sufficient into 2013. With regulatory catalysts within next 12 months (PDUFA date for ridaforolimus 6/5/12; ponatinib NDA filing in 3Q12/potential FDA approval early 2013), we believe ARIA is well positioned for meaningful upside."

FY12 EPS was cut from ($0.51) to ($0.96).

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 $14.49 yesterday.

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