J.P. Morgan Maintains Rating, PT Following Presentation By ARIA

J.P. Morgan is maintaining its Overweight rating, along with its $10 price target on Ariad Pharmaceuticals (NASDAQ: ARIA) following the company's recent presentation at the ASCO Conference.

Says J.P. Morgan, in its report, “We reiterate our OW rating on ARIA following presentations yesterday afternoon (after market close) of the Ph3 SUCCEED results for rida in soft tissue and bone sarcoma at the annual American Society of Clinical Oncology (ASCO) conf. in Chicago. Overall, we believe the data are compelling enough to warrant approval. While we continue to view ponatinib (CML) as the key value driver (pivotal data expected 4Q), we suspect increasing confidence in rida could add further support to the stock.”

ARIA closed at $7.91 yesterday.