Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) announced the appointment of Manmeet S. Soni, 38, as executive vice president, chief financial officer and treasurer, effective March 21, 2016. He will report to Paris Panayiotopoulos, president and chief executive officer of ARIAD. Mr. Soni will succeed Edward M. Fitzgerald, who has made significant contributions to the company as ARIAD’s chief financial officer since 2002. Mr. Fitzgerald will work closely with Mr. Soni to ensure a seamless transition.
“I am delighted that Manmeet will be joining ARIAD as our Chief Financial Officer,” stated Paris Panayiotopoulos, president and chief executive officer of ARIAD. “Manmeet brings to ARIAD proven finance and transaction expertise and will play a critical role in completing our strategic review to further strengthen our position as a leading orphan oncology company. We welcome Manmeet to ARIAD and look forward to working with him.”
Mr. Soni most recently served as Chief Financial Officer ofPharmacyclics, Inc., a biopharmaceutical company, where he was responsible for all finance, procurement, information technology and human resources functions, and where he played a vital role in the acquisition of Pharmacyclics byAbbVie, Inc. in May 2015. Previously, Mr. Soni worked atZELTIQ Aesthetics Inc., where he served as controller and senior director of finance, and where he was responsible for accounting, SEC and Treasury functions. Prior to ZELTIQ, Mr. Soni worked at PricewaterhouseCoopers San Jose, in the Life Science and Venture Capital Group, providing audit and assurance services to various public and privately held companies in the pharmaceutical, biotechnology, software and semiconductor space. Prior to that, he worked atPricewaterhouseCoopers, India providing audit and assurance services.
“I am very pleased about this opportunity to join the talented and passionate team at ARIAD, a company focused on making a difference in the lives of cancer patients with breakthrough medicines,” said Mr. Soni. “I look forward to working with Paris and the rest of the team in developing and executing on ARIAD’s corporate strategy, while concentrating on building long-term value for shareholders.”
Mr. Panayiotopoulos added, “On behalf of the company’s Board of Directors, management team and employees, I want to thank Ed for his tremendous contributions to ARIAD, especially his leadership in building the financial and operational infrastructure as the company transitioned from its original focus on research and development into a fully integrated orphan oncology company.”
Mr. Soni currently serves on the board of Genoscience Pharma. He graduated from Hansraj Collegeat Delhi University in India. He is a Certified Public Accountant, licensed in the State of California. He also completed his Chartered Accountancy from the Institute of Chartered Accountant of India. (Original Source)
Shares of Ariad Pharmaceuticals closed yesterday at $6.25, down $-0.05 or -0.79%. ARIA has a 1-year high of $10.07 and a 1-year low of $4.37. The stock’s 50-day moving average is $5.32 and its 200-day moving average is $6.35.
On the ratings front, Ariad has been the subject of a number of recent research reports. In a report issued on February 25, RBC analyst Michael Yee maintained a Hold rating on ARIA, with a price target of $8, which implies an upside of 28.0% from current levels. Separately, on January 19, Barclays’ Jonathan Eckard initiated coverage with a Sell rating on the stock and has a price target of $6.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Yee and Jonathan Eckard have a total average return of -3.9% and -5.2% respectively. Yee has a success rate of 45.9% and is ranked #3279 out of 3700 analysts, while Eckard has a success rate of 26.5% and is ranked #3086.
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.