UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Ariad Pharmaceuticals

In a report published Monday, Jefferies & Company reiterated its Buy rating on Ariad Pharmaceuticals ARIA, but slightly lowered its price target from $28.00 to $27.00. Jefferies noted, “With ponatinib approval for refractory/intolerant CML expected in U.S./EU in ~1Q13/3Q13, ARIA provided its commercial launch plan and a bit more details on ponatinib sales forecast, while refraining from providing profitability forecast (vs. our estimate of ~2016). Unlike ponatinib, AP26113 faces competition; we view its planned pivotal trial in ALK+ NSCLC in 2013 as important to maintain a competitive edge.” Ariad Pharmaceuticals closed on Friday at $23.14.