In a research report sent to investors, Cowen analyst Phil Nadeau maintained a Market Perform rating on Ariad Pharmaceuticals (NASDAQ:ARIA) with a $4.50 price target, which represents a potential downside of 28% from where the stock is currently trading.

Nadeau wrote, “Ariad disclosed that Q4 Iclusig sales will be approx. $20.6MM, shy of our $25MME and consensus of $23MM. During 2015 ARIA hopes to partner brigatinib, file an IND for AP32788, and initiate 3 trials of Iclusig to expand its use into earlier lines of therapy. ARIA anticipates these initiatives will bring it to profitability in 2018 on $400MM in revenue. We continue to think ARIA is fairly valued.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Phil Nadeau has a total average return of 18.3% and a 65.0% success rate. Nadeau is ranked #252 out of 3426 analysts.