Cowen and Company reissued their outperform rating on shares of Ariad Pharmaceuticals Inc. (NASDAQ:ARIA) in a report published on Saturday morning. They currently have a $16.00 price objective on the pharmaceutical company’s stock, up from their previous price objective of $10.00.
A number of other brokerages have also issued reports on ARIA. Zacks Investment Research raised shares of Ariad Pharmaceuticals from a hold rating to a buy rating and set a $8.50 price objective for the company in a report on Tuesday, July 5th. Leerink Swann reaffirmed an outperform rating and set a $20.00 target price on shares of Ariad Pharmaceuticals in a research note on Wednesday. Barclays PLC increased their target price on shares of Ariad Pharmaceuticals from $8.00 to $9.00 and gave the stock an underweight rating in a research note on Friday, July 29th. Royal Bank Of Canada reaffirmed a hold rating on shares of Ariad Pharmaceuticals in a research note on Monday, June 20th. Finally, SunTrust Banks Inc. assumed coverage on shares of Ariad Pharmaceuticals in a research note on Tuesday, October 4th. They set a buy rating for the company. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $11.89.
Ariad Pharmaceuticals (NASDAQ:ARIA) traded down 14.77% during midday trading on Friday, hitting $11.14. 19,778,649 shares of the stock traded hands. Ariad Pharmaceuticals has a 12-month low of $4.37 and a 12-month high of $14.34. The company’s 50-day moving average is $12.18 and its 200 day moving average is $9.04. The firm’s market cap is $2.15 billion.
Ariad Pharmaceuticals (NASDAQ:ARIA) last announced its quarterly earnings data on Thursday, July 28th. The pharmaceutical company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.70. The firm earned $65.30 million during the quarter, compared to analysts’ expectations of $60.64 million. During the same period in the prior year, the company posted ($0.28) EPS. The company’s revenue for the quarter was up 133.0% compared to the same quarter last year. On average, analysts anticipate that Ariad Pharmaceuticals will post ($0.09) EPS for the current fiscal year.
In related news, insider Timothy P. Clackson sold 18,286 shares of the firm’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $8.11, for a total value of $148,299.46. Following the sale, the insider now owns 248,208 shares of the company’s stock, valued at $2,012,966.88. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Timothy P. Clackson sold 19,436 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $10.47, for a total transaction of $203,494.92. Following the completion of the sale, the insider now directly owns 228,772 shares in the company, valued at approximately $2,395,242.84. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of ARIA. Steinberg Global Asset Management boosted its stake in shares of Ariad Pharmaceuticals by 12.7% in the first quarter. Steinberg Global Asset Management now owns 47,100 shares of the pharmaceutical company’s stock valued at $301,000 after buying an additional 5,300 shares during the period. TIAA CREF Trust Co. FSB MO purchased a new stake in shares of Ariad Pharmaceuticals during the second quarter valued at $222,000. Price Michael F boosted its stake in shares of Ariad Pharmaceuticals by 31.1% in the first quarter. Price Michael F now owns 1,075,000 shares of the pharmaceutical company’s stock valued at $6,869,000 after buying an additional 255,000 shares during the period. Consonance Capital Management LP purchased a new stake in shares of Ariad Pharmaceuticals during the first quarter valued at $35,629,000. Finally, Bellevue Group AG purchased a new stake in shares of Ariad Pharmaceuticals during the first quarter valued at $3,163,000. 71.99% of the stock is currently owned by hedge funds and other institutional investors.
About Ariad Pharmaceuticals
ARIAD Pharmaceuticals, Inc (ARIAD) is an oncology company. The Company is focused on transforming the lives of cancer patients with medicines. The Company’s product pipeline includes Iclusig (ponatinib), brigatinib, AP32788 and ridaforolimus. The Company’s Iclusig is a tyrosine kinase inhibitor (TKI) that is approved in the United States, the European Union, Australia, Switzerland, Israel and Canada for the treatment of adult patients with chronic myeloid leukemia (CML), and Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL).
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