Barclays Continue With Their Overweight Call For ARIAD Pharmaceuticals (ARIA)

Following presentation of Phase I data for pan Bcr-Abl inhibitor -534 in advanced hematological cancers at ASH, Barclays has reiterated its Overweight rating for ARIAD Pharmaceuticals (NASDAQ: ARIA).
Data presented in heavily pretreated CML pts including pts with the T315I mutation were impressive and supportive of a partnership and future regulatory and commercial potential.

ARIA has suggested initiation of a registration study in 2H10. With Phase III SUCCEED data for Ridaforolimus in sarcoma also expected in 1Q/3Q10, ARIA could potentially establish itself as a company with two late-stage assets in 2010.

Analyst Jim Birchenough & Ryan Martins believes that the stock has potential for further growth & have hence set a target price of $7 for the stock.