Citigroup Reiterates Buy Rating, $31 PT on Ariad Pharmaceuticals

In a report published Friday, Citigroup reiterated its Buy rating and $31.00 price target on Ariad Pharmaceuticals

. Citigroup noted, “Today's announcement of the over 3 month early decision for the approval of Iclusig (ponatinib) in CML is a positive surprise, but the inclusion of a black box warning on the label was not in consensus expectation, in our view. We note that Tasigna has a black box warning and Sprycel, while no black box warning, has many warnings including pleural infusions (accumulation of fluid around the lungs).” Ariad Pharmaceuticals closed on Thursday at $23.88.