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Research analysts at Jefferies Group lifted their target price on shares of Ariad Pharmaceuticals (NASDAQ:ARIA) from $7.00 to $8.00 in a report released on Wednesday, StockRatingsNetwork reports. Jefferies Group’s price objective would indicate a potential downside of 6.43% from the company’s current price.

Ariad Pharmaceuticals (NASDAQ:ARIA) traded down 1.38% on Wednesday, hitting $8.55. 15,719,459 shares of the company’s stock traded hands. Ariad Pharmaceuticals has a one year low of $2.15 and a one year high of $23.00. The stock’s 50-day moving average is $7.65 and its 200-day moving average is $9.61. The company’s market cap is $1.587 billion. Ariad Pharmaceuticals also saw a large drop in short interest in the month of January. As of February 14th, there was short interest totalling 42,140,907 shares, a drop of 2.7% from the January 31st total of 43,302,340 shares. Approximately 23.4% of the company’s shares are short sold. Based on an average daily trading volume, of 21,063,414 shares, the short-interest ratio is presently 2.0 days.

Ariad Pharmaceuticals (NASDAQ:ARIA) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.40) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.47) by $0.07. The company had revenue of $8.28 million for the quarter, compared to the consensus estimate of $6.31 million. On average, analysts predict that Ariad Pharmaceuticals will post $-0.91 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Credit Suisse set a $8.00 price target on shares of Ariad Pharmaceuticals in a research note on Friday, February 7th. Separately, analysts at BMO Capital Markets upgraded shares of Ariad Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research note on Friday, January 24th. They now have a $14.00 price target on the stock, up previously from $8.00. Finally, analysts at JMP Securities reiterated an “outperform” rating on shares of Ariad Pharmaceuticals in a research note on Monday, January 13th. They now have a $10.00 price target on the stock. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $7.03.

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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