ARIAD Pharmaceuticals, Inc. (NASDAQ:ARIA) announced the issuance of its first U.S. patent on brigatinib, ARIAD’s investigational ALK inhibitor. The United States Patent and Trademark Office granted U.S. Patent No. 9,012,462 under the title, “Phosphorous Derivatives as Kinase Inhibitors.” The patent provides composition-of-matter protection through at least December 30, 2030for ARIAD’s investigational ALK inhibitor, brigatinib. Additional patent applications covering brigatinib are pending in the U.S. and in other countries.
“This has been an important week for brigatinib, beginning with ARIAD’s presentation of preclinical and clinical data on brigatinib and the unveiling of its novel design features at the American Association for Cancer Research(AACR) Annual Meeting. The issuance of the initial brigatinib patent highlights the innovative design of the brigatinib molecule,” stated Harvey J. Berger, M.D., chairman and chief executive officer of ARIAD. “We continue to enroll patients in our Phase 2 ALTA trial and look forward to sharing the first data from that clinical trial later this year.” (Original Source)
Shares of Ariad closed yesterday at $9.27 . ARIA has a 1-year high of $9.46 and a 1-year low of $4.90. The stock’s 50-day moving average is $8.46 and its 200-day moving average is $7.02.
On the ratings front, Ariad has been the subject of a number of recent research reports. In a report issued on April 20, BMO analyst Jim Birchenough reiterated a Buy rating on ARIA, with a price target of $14, which represents a potential upside of 51.0% from where the stock is currently trading. Separately, on February 23, H.C. Wainwright’s Reni Benjamin reiterated a Buy rating on the stock and has a price target of $10.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jim Birchenough and Reni Benjamin have a total average return of 52.7% and 0.3% respectively. Birchenough has a success rate of 72.8% and is ranked #6 out of 3577 analysts, while Benjamin has a success rate of 36.5% and is ranked #2326.
In total, 2 research analysts have assigned a Hold rating and 2 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $9.27 which is -1.5% under where the stock closed yesterday.
ARIAD Pharmaceuticals Inc is an oncology company. The Company is engaged in transforming the lives of cancer patients with breakthrough medicines. It commercializes & develops products and product candidates including Iclusig, Brigatinib, and AP32788.