UPDATE: Stifel Upgrades Ariad Pharmaceuticals to Buy, Names $7 PT on Physician Enthusiasm at ASH

In a report published Tuesday, Stifel analyst Joel Sendek upgraded the rating on

from Hold to Buy, and named a $7.00 price target. In the report, Stifel noted, “We upgrade ARIA from a Hold to a Buy with a price target of $7 based on the overwhelming support that docs at ASH showed for using Iclusig in a salvage population. Our discussions with physicians as ASH were universally positive regarding the risk/benefit for Iclusig and indicating continuing demand for the drug as a 3rd line agent for CML. We forecast resumption of commercial distribution in the US in 2Q14 with a black box warning label indicating increased risk of CV events, in line with the November EMA recommendation of risk factor assessment before treatment and monitoring during treatment.” Ariad Pharmaceuticals closed on Monday at $4.29.