Cowen and Company Reiterates Outperform Rating for Ariad Pharmaceuticals Inc. (ARIA)
Ariad Pharmaceuticals Inc. (NASDAQ:ARIA)‘s stock had its “outperform” rating reissued by equities research analysts at Cowen and Company in a report released on Saturday. They currently have a $16.00 price objective on the pharmaceutical company’s stock, up from their prior price objective of $10.00. Cowen and Company’s target price would indicate a potential upside of 43.69% from the stock’s current price.
A number of other analysts have also recently weighed in on ARIA. Barclays PLC raised their price target on shares of Ariad Pharmaceuticals from $8.00 to $9.00 and gave the company an “underweight” rating in a report on Friday, July 29th. Zacks Investment Research upgraded shares of Ariad Pharmaceuticals from a “hold” rating to a “buy” rating and set a $8.50 price target on the stock in a report on Tuesday, July 5th. Jefferies Group restated a “buy” rating and issued a $13.00 price target on shares of Ariad Pharmaceuticals in a report on Friday, July 29th. Leerink Swann restated an “outperform” rating and issued a $20.00 price target on shares of Ariad Pharmaceuticals in a report on Wednesday. Finally, Royal Bank Of Canada restated a “hold” rating on shares of Ariad Pharmaceuticals in a report on Monday, June 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $11.89.
Ariad Pharmaceuticals (NASDAQ:ARIA) traded down 14.77% during trading on Friday, hitting $11.14. 19,778,649 shares of the company’s stock were exchanged. Ariad Pharmaceuticals has a 12-month low of $4.37 and a 12-month high of $14.34. The firm’s market cap is $2.15 billion. The company’s 50-day moving average price is $12.18 and its 200 day moving average price is $9.04.
Ariad Pharmaceuticals (NASDAQ:ARIA) last released its quarterly earnings results on Thursday, July 28th. The pharmaceutical company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.70. The firm earned $65.30 million during the quarter, compared to the consensus estimate of $60.64 million. During the same quarter in the prior year, the business posted ($0.28) earnings per share. The firm’s quarterly revenue was up 133.0% on a year-over-year basis. Equities analysts forecast that Ariad Pharmaceuticals will post ($0.09) earnings per share for the current fiscal year.
In other news, insider Timothy P. Clackson sold 8,750 shares of Ariad Pharmaceuticals stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $13.98, for a total transaction of $122,325.00. Following the completion of the transaction, the insider now directly owns 226,272 shares of the company’s stock, valued at approximately $3,163,282.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Daniel M. Bollag sold 47,384 shares of Ariad Pharmaceuticals stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $13.46, for a total transaction of $637,788.64. Following the transaction, the vice president now directly owns 129,404 shares of the company’s stock, valued at $1,741,777.84. The disclosure for this sale can be found here. Company insiders own 8.20% of the company’s stock.
Several institutional investors have recently bought and sold shares of ARIA. Bank of New York Mellon Corp raised its position in Ariad Pharmaceuticals by 20.9% in the second quarter. Bank of New York Mellon Corp now owns 1,035,881 shares of the pharmaceutical company’s stock valued at $7,655,000 after buying an additional 178,750 shares during the period. Candriam Luxembourg S.C.A. raised its position in Ariad Pharmaceuticals by 52.9% in the second quarter. Candriam Luxembourg S.C.A. now owns 260,000 shares of the pharmaceutical company’s stock valued at $1,921,000 after buying an additional 90,000 shares during the period. Smith Asset Management Group LP purchased a new position in Ariad Pharmaceuticals during the second quarter valued at $268,000. Old Mutual Global Investors UK Ltd. raised its position in Ariad Pharmaceuticals by 24.2% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 1,518,921 shares of the pharmaceutical company’s stock valued at $11,224,000 after buying an additional 295,559 shares during the period. Finally, TIAA CREF Trust Co. FSB MO purchased a new position in Ariad Pharmaceuticals during the second quarter valued at $222,000. 71.99% of the stock is owned by hedge funds and other institutional investors.
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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