UPDATE: Jefferies Raises PT to $18 on ARIAD Pharmaceuticals; Regulatory Catalysts

Jefferies raises its price target from $17 to $18 on Buy-rated ARIAD Pharmaceuticals ARIA on regulatory catalysts, despite a wider Q loss. Jefferies notes, "Wider 1Q net loss of $56M (vs. our est of $39M) largely due to non-cash charge related to warrant liability revaluation. Despite higher OpEx expected in 2012, cash at end-1Q12 of $288M should be sufficient thru 1H13. With regulatory catalysts within next 12 months (ponatinib NDA filing in 3Q12/potential FDA approval early-2013), we believe ARIA is well positioned for meaningful upside." ARIA closed at $15.91 on Wednesday.