Ariad Pharmaceuticals, Inc. ARIA shares are trading higher by $0.25 (2 percent) at $13.77. It's now trading at its highest levels since October 2013. Interestingly, that month was once of its worst since it began trading in October 1996.
The issue ended September 2013 at $18.40 and swooned to $2.20 the following month. he catalyst for that drastic decline was the announcement the FDA had requested it temporarily suspend sales of its blood cancer drug, Iclusig.
Ariad, which has been recently mentioned as a top takeover in the biotech sector, has been on an impressive run over the last 10 sessions. In fact, it has traded higher in nine of the those sessions,with the one outlier being a penny decline on September 20.
Over that time period, it has moved up from its September 9 close ($10.18) to just shy of $14.00, reaching $13.98 earlier in Monday's session. As long as it can close above $13.52, the streak will continue.
The catalyst for today's rally comes from Leerink, who has been so convinced by its recent rally it initiated coverage of the issue at Outperform. Some may consider a bold call after such huge run in the issue.
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