JMP Securities Downgrades Ariad Pharmaceuticals to Market Perform (ARIA)
Ariad Pharmaceuticals (NASDAQ:ARIA) was downgraded by stock analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a report issued on Thursday, TheFlyOnTheWall.com reports.
The analysts wrote, “This morning, Ariad announced that the FDA had placed a partial clinical hold on patient enrollment in all trials of Iclusig, based on updated safety information from the PACE trial. Based on a median follow-up of 24 months, an increase in arterial thromboembolic events was seen (11.8%, vs. 8.0% after 11 months of follow-up as described on the Iclusig package insert). In addition, the incidence of serious venous occlusion increased to 2.9% vs. 2.2% on the product label. Overall, the incidence rate of arterial thrombotic events, adjusted for exposure time, was unchanged at 10 events per 100 patient years. The incidence of these events appears to be tied to age, time on therapy, and pre-existing cardiovascular disease. In response, the company is not only pausing enrollment in all Iclusig studies, but is also implementing a dose-reduction strategy (to 30mg and 15mg) in the ongoing, randomized EPIC trial, as well as excluding patients with a prior history of arterial thrombosis that has resulted in heart attack or stroke.”
A number of other firms have also recently commented on ARIA. Analysts at Jefferies Group cut their price target on shares of Ariad Pharmaceuticals from $23.00 to $7.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Separately, analysts at Cowen and Company cut their price target on shares of Ariad Pharmaceuticals from $27.50 to $10.00 in a research note to investors on Wednesday. They now have a “hold” rating on the stock. Finally, analysts at BMO Capital Markets cut their price target on shares of Ariad Pharmaceuticals from $21.00 to $8.00 in a research note to investors on Wednesday. They now have a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. Ariad Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $16.96.
Ariad Pharmaceuticals (NASDAQ:ARIA) traded down 3.77% on Thursday, hitting $5.61. The stock had a trading volume of 15,771,331 shares. Ariad Pharmaceuticals has a 52 week low of $4.00 and a 52 week high of $25.40. The stock has a 50-day moving average of $19.16 and a 200-day moving average of $18.46. The company’s market cap is $1.038 billion.
Ariad Pharmaceuticals (NASDAQ:ARIA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.37) EPS for the quarter, beating the Thomson Reuters 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.
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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