On Monday, Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) presented updated clinical data from its ongoing Phase 1/2 trial on its investigational tyrosine kinase inhibitor, pipeline drug brigatinib, designed to treat patients with anaplastic lymphoma kinase-positive advanced non-small cell lung cancer.

On the heels of the positive results revealed at the 2016 European Society for Medical Oncology (ESMO) 2016 conference, Cowen analyst Chris Shibutani remains positive on the biotech firm. As such, Shibutani reiterates an Outperform rating on shares of ARIA, while boosting the price target from $10 to $16, which represents a 22% increase from where the stock is currently trading.

The analyst believes, “2016 has been a watershed year for ARIAD Pharmaceuticals. New leadership has been deftly executing upon on a turnaround strategy, engendering a profound impact on the company’s outlook and ARIA shares. The key driver underlying our Outperform recommendation has been our positive view on Brigatinib, ARIA’s wholly owned drug for ALK+ Non-small cell lung cancer.”

“We believe results could read out in the 2018/2019 timeframe. So, in the context of longer-term forecasts and an increasingly competitive market dynamic, we conducted an expert physician survey to better inform our views. Key takeaways are definitively bullish for Brigatinib’s prospects looking out over the coming decade, prompting us to raise our Brigatinib estimates, including 1st line use in our published base case model,” Shibutani concludes.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, four-star analyst Chris Shibutani is ranked #643 out of 4,182 analysts. Shibutani has a 48% success rate and earns 14.3% in his annual returns. When recommending ARIA, Shibutani garners 68.9% in average profits on the stock.

TipRanks analytics exhibit ARIA as a Buy. Based on 6 analysts polled in the last 3 months, 4 rate a Buy on ARIA, 1 maintains a Hold, while 1 issues a Sell. The 12-month price target stands at $12.25, marking a 6% downside from where the shares last closed.screen-shot-10-14-16-at-03-46-pm