Cowen analyst Chris Shibutani weighed in on Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA), after the drug maker announced that clinical data on brigatinib, its investigational anaplastic lymphoma kinase (ALK) inhibitor, will be presented at the International Association for the Study of Lung Cancer 17th World Conference on Lung Cancer being held in Vienna, December 4 to 7, 2016.

Shibutani noted, “World Lung abstracts were released yesterday. Data update from ALTA brigatinib 2nd line trial now shows an IRC-assessed PFS of 15.9 months, almost doubling the PFS seen with Alectinib (~8.5 months) in this setting. We view Brigatinib to be the best in class ALK inhibitor for prior-crizotinib patients and expect approval in the 2nd line setting before the PDUFA data of Apr 19, 2017.”

As such, Shibutani reiterated an Outperform rating on shares of Ariad with a price target of $16, which implies an upside of 15% from current levels.

As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes. According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Chris Shibutani has a yearly average return of 17.1% and a 80% success rate. Shibutani has a 50.9% average return when recommending ARIA, and is ranked #274 out of 4226 analysts.

Out of the 9 analysts polled by TipRanks, 5 rate Ariad Pharmaceuticals stock a Buy, 2 rate the stock a Hold and 2 recommend Sell. With a downside potential of 8%, the stock’s consensus target price stands at $12.79.