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Stifel Nicolaus initiates its coverage on Ariad Pharmaceuticals
ARIA with a Buy rating and a price target of $19 on clinical and regulatory catalysts for 2012.
Stifel Nicolaus notes, "Ariad's balanced pipeline with drug candidates ranging in development from early clinical to pre-approval, positions the company well to deliver positive news flow and stock price appreciation.
We view Ariad's ponatinib as the best-in-class agent for chronic myeloid
leukemia (
CML), a $5 billion worldwide market. Based on compelling data in
treatment-resistant patients, we expect FDA approval and launch of ponatinib in 1Q13."
ARIA closed at $15.13 a share on Wednesday.
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