Credit Suisse Reports Ariad's Iclusig is 'Essential Drug'

In a report published Friday, Credit Suisse analyst Jason Kantor maintained a Neutral rating on Ariad Pharmaceuticals ARIA and raised the price target from $5.00 to $8.00 on higher Iclusig estimates and possible acquisition. Kantor noted that a survey from 50 doctors suggests that Ariad's Iclusig remains the “essential drug” for chronic myeloid leukemia patients with T3151 or other mutations. The analyst commented that doctors have a heightened awareness of safety concerns. Credit Suisse added that 38% of doctors sampled report observing at least one adverse event listed in warnings in Iclusig prescribing information. Ariad Pharmaceuticals closed at $7.17 on Thursday. Shares were up 5.6% in pre-market trading and have traded as high as $8.29, up 15.62% on Friday.