UPDATE: Stifel Nicolaus Initiates Buy, $19 PT on Ariad Pharmaceuticals

Stifel Nicolaus initiates its coverage on Ariad Pharmaceuticals

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 (

), 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.