UPDATE: Ariad Pharmaceuticals Downgraded by Citigroup

In a report published on Monday, lead analyst Yaron Werber downgraded

from a Neutral/High Risk to Sell/High Risk yet raising price target to $5.50 from $2.50. The reported stated, “While the earlier than expected return of Iclusig to the US market is a positive, we expect the re-launch to be challenging with a tightly restricted label and headwinds from the current safety profile. We see more potential for negative surprise over the next 12-mos +model lower sales ests than consensus.” ARIA closed Friday at $7.15 and is currently trading at $6.71.