Zacks Investment Research upgraded shares of Ariad Pharmaceuticals Inc. (NASDAQ:ARIA) from a hold rating to a strong-buy rating in a report published on Wednesday. They currently have $16.00 price objective on the pharmaceutical company’s stock.
According to Zacks, “ARIAD’s cancer treatment, Iclusig, is performing well – sales should be driven by field team expansion, label expansion, increasing clinical experience and patient retention programs. ARIAD finished filing a rolling NDA for its most advanced pipeline candidate, brigatinib in Sep and could well become a two product commercial company in 2017. Longer-term growth could be driven by AP32788 and new opportunities including immuno-oncology. We are positive on the Incyte deal which will allow the company to focus on the U.S. market. It also provides the company with a non-dilutive source of funds. However, we remain concerned about ARIAD’s dependence on a single product, Iclusig, for near-term growth. Additionally, concerns regarding tougher label warnings could remain an overhang. Competition in the oncology market is also high.”
ARIA has been the subject of several other research reports. Jefferies Group reiterated a buy rating and set a $13.00 price objective on shares of Ariad Pharmaceuticals in a report on Friday, July 29th. Cowen and Company reiterated an outperform rating and set a $10.00 price objective on shares of Ariad Pharmaceuticals in a report on Tuesday, June 21st. JMP Securities reiterated a buy rating on shares of Ariad Pharmaceuticals in a report on Monday, June 6th. Royal Bank Of Canada reiterated a hold rating on shares of Ariad Pharmaceuticals in a report on Monday, June 20th. Finally, Leerink Swann initiated coverage on Ariad Pharmaceuticals in a report on Monday. They set an outperform rating for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Ariad Pharmaceuticals has an average rating of Buy and a consensus target price of $10.13.
Ariad Pharmaceuticals (NASDAQ:ARIA) traded down 1.06% during mid-day trading on Wednesday, reaching $13.99. The company’s stock had a trading volume of 843,317 shares. The stock has a 50-day moving average price of $11.17 and a 200-day moving average price of $8.47. Ariad Pharmaceuticals has a one year low of $4.37 and a one year high of $14.26. The company’s market capitalization is $2.70 billion.
Ariad Pharmaceuticals (NASDAQ:ARIA) last issued its quarterly earnings data on Thursday, July 28th. The pharmaceutical company reported $0.59 EPS for the quarter, beating the consensus estimate of ($0.11) by $0.70. The business had revenue of $65.30 million for the quarter, compared to analysts’ expectations of $60.64 million. During the same quarter in the prior year, the company posted ($0.28) EPS. The business’s revenue for the quarter was up 133.0% on a year-over-year basis. Equities research analysts forecast that Ariad Pharmaceuticals will post ($0.09) EPS for the current year.
In other Ariad Pharmaceuticals news, insider Timothy P. Clackson sold 25,000 shares of Ariad Pharmaceuticals stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $10.50, for a total transaction of $262,500.00. Following the completion of the transaction, the insider now owns 273,208 shares in the company, valued at approximately $2,868,684. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Timothy P. Clackson sold 59,369 shares of Ariad Pharmaceuticals stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $11.73, for a total value of $696,398.37. Following the transaction, the insider now owns 288,141 shares of the company’s stock, valued at approximately $3,379,893.93. The disclosure for this sale can be found here. Company insiders own 8.20% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ARIA. Ameritas Investment Partners Inc. raised its position in Ariad Pharmaceuticals by 6.7% in the second quarter. Ameritas Investment Partners Inc. now owns 13,787 shares of the pharmaceutical company’s stock worth $102,000 after buying an additional 866 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Ariad Pharmaceuticals during the second quarter worth approximately $107,000. Seven Eight Capital LLC acquired a new stake in Ariad Pharmaceuticals during the second quarter worth approximately $117,000. Fiera Capital Corp acquired a new stake in Ariad Pharmaceuticals during the second quarter worth approximately $118,000. Finally, Rehmann Capital Advisory Group acquired a new stake in Ariad Pharmaceuticals during the first quarter worth approximately $128,000. Institutional investors and hedge funds own 71.99% of the company’s stock.
Ariad Pharmaceuticals Company Profile
ARIAD Pharmaceuticals, Inc (ARIAD) is an oncology company. The Company is focused on transforming the lives of cancer patients with medicines. The Company’s product pipeline includes Iclusig (ponatinib), brigatinib, AP32788 and ridaforolimus. The Company’s Iclusig is a tyrosine kinase inhibitor (TKI) that is approved in the United States, the European Union, Australia, Switzerland, Israel and Canada for the treatment of adult patients with chronic myeloid leukemia (CML), and Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL).
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