Maxim Group Reiterates Buy Rating, $28 PT on Ariad Pharmaceuticals

In a report published Monday, Maxim Group reiterated its Buy rating and $28.00 price target on Ariad Pharmaceuticals

. Maxim Group noted, “This morning ARIA hosted a conference call further explaining the phase I data (of an ongoing phase I/II trial) of AP26113 in NSCLC (non-small cell lung cancer) the company presented on Saturday, September 29, 2012 at the ESMO (European Society for Medical Oncology) meeting. AP26113 is ARIA's second lead drug candidate. It is a dual kinase inhibitor against ALK (anaplastic lymphoma kinase) and EGFR (epidermal growth factor receptor); the expression levels of the two kinases are 4% and 10%, respectively, in Western NSCLC population. Tarceva (erlotinib) and Xalkori (crizotinib) are already commercialized drugs against EGFR+ and ALK+ NSCLC, respectively.” Ariad Pharmaceuticals closed on Friday at $24.21.