UPDATE: Goldman Sachs Initiates Ariad Pharmaceuticals with Neutral Rating on Fair Valuation

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In a report published Thursday, Goldman Sachs analyst Terence Flynn initiated coverage on Ariad Pharmaceuticals (NASDAQ: ARIA) with a Neutral rating and $20.00 price target.In the report, Flynn noted, “ARIA is building a fully integrated, global biopharma company focused on targeted cancer therapies. The company obtained US regulatory approval of its first drug, Iclusig for CML (type of blood cancer) in December 2012 and launched it shortly after, transitioning ARIA into a commercial stage company. ARIA shares have appreciated 55% since reporting the initial pivotal data for Iclusig on December 11, 2011 (vs. S&P of 25%) and are trading at a premium EV/revenue multiple vs. most cancer peers. We see current valuation as fair.”Ariad Pharmaceuticals closed on Wednesday at $18.31.

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