Jefferies Boosts Price Target on Ariad Pharmaceuticals (ARIA) as Drugs Show Promise

Jefferies maintained a Buy on ARIAD Pharmaceuticals (NASDAQ: ARIA) and increased its price target to $28.00 (from $21.00).

Ariad Pharmaceuticals focuses on small-molecule drug discovery and development for cancers (targeted cancer therapies). Its lead proprietary product ponatinib is currently under regulatory review in the U.S. and E.U. for CML/Ph+ ALL with potential FDA approval and launch in early-2013; second drug candidate AP26113 currently in Phase 1/2 trial for NSCLC & other cancers.

"In Ph1 dose-finding data presented at ESMO, ARIA's 2nd proprietary drug AP26113 (dual ALK/EGFR inhibitor) shows potential in ALK+ NSCLC (5% of NSCLC), potentially better tolerability vs. competitors," said Jefferies analyst Eun K. Yang, Ph.D.

"For EGFRm NSCLC (10-15% of NSCLC), '113 data is limited (also requiring higher doses). With regulatory approval of ponatinib in CML expected in 2013, we expect '113 could potentially be on the market in 2016," he said.

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 $23.88 yesterday.

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