Jefferies Keeps Bullish Stance on ARIAD Pharmaceuticals (ARIA) Despite Negative FDA Panel Vote

Jefferies reiterated their Buy rating and $17 price target on ARIAD Pharmaceuticals (NASDAQ: ARIA) despite news that the ODAC panel voted against recommending MRK/ARIA's Taltorvic approval as maintenance therapy of metastatic sarcoma.

"With ARIA's valuation primarily driven by ponatinib, we see no/minimal impact on ARIA valuation," the firm notes.

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 are up 4.3 percent to $15.70 despite the negative OCAD.

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