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Ariad Pharmaceuticals (NASDAQ:ARIA) was downgraded by investment analysts at Bank of America Corp. from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday, Analyst Ratings.Net reports. They currently have a $7.00 price target on the stock, down from their previous price target of $24.00. Bank of America Corp.’s price target indicates a potential upside of 20.07% from the stock’s previous close.

The analysts wrote, “We rate ARIA a Neutral based on our view that uncertainties on the Iclusig safety profile will weaken near term adoption, limit visibility on timelines for future development, and limit overall market potential. ARIA’s emerging second drug ’113 potential is also uncertain given safety concerns and a competitive development environment.”

Ariad Pharmaceuticals (NASDAQ:ARIA) traded down 2.06% during mid-day trading on Wednesday, hitting $5.71. 4,441,226 shares of the company’s stock traded hands. Ariad Pharmaceuticals has a one year low of $4.00 and a one year high of $25.40. The stock’s 50-day moving average is $19.16 and its 200-day moving average is $18.46. The company’s market cap is $1.057 billion.

Ariad Pharmaceuticals (NASDAQ:ARIA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.37) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.40) by $0.03. The company had revenue of $13.90 million for the quarter, compared to the consensus estimate of $11.11 million. During the same quarter last year, the company posted ($0.31) earnings per share. Ariad Pharmaceuticals’s revenue was up 4302.5% compared to the same quarter last year. Analysts expect that Ariad Pharmaceuticals will post $-1.63 EPS for the current fiscal year.

A number of other analysts have also recently weighed in on ARIA. Analysts at Brean Capital downgraded shares of Ariad Pharmaceuticals from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. Separately, analysts at Stifel Nicolaus downgraded shares of Ariad Pharmaceuticals from a “buy” rating to a “hold” rating in a research note to investors on Wednesday. Finally, analysts at JMP Securities cut their price target on shares of Ariad Pharmaceuticals to $30.00 in a research note to investors on Monday, September 30th. They now have a “market outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $16.96.

ARIAD Pharmaceuticals, Inc (NASDAQ:ARIA) is a global oncology company focused on the discovery, development and commercialization of medicines for the cancer patients.

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