H.C. Wainwright Reiterates Buy On Ariad Following Clinical Data On AP26113
In a research report released today, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on Ariad Pharmaceuticals (NASDAQ:ARIA) with a $14 price target, as the company provided updated Phase 1/2 data for its AP26113 at the European Society for Medical Oncology (ESMO) meeting, further demonstrating the drug’s superior safety and efficacy profiles relative to ceritinib, a recently approved, second-line therapy for ALK+ NSCLC.
Benjamin said, “We believe these data compare favorably to the recently approved, second-line ALK inhibitor ceritinib, discussed below. Further, we believe that extending the reach of ALK inhibitors into the CNS offers an important advantage over the current first line therapy, crizotinib.” The analyst added, with $261 MM in cash and cash equivalents (pro forma), the potential for growing ponatinib sales, and an increasing appetite among acquirers for marketed products, we believe shares of Ariad remain undervalued and represent upside to the risk-tolerant, long-term investor.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -4.2% and a 26.5% success rate. Benjamin has a -9.4% average return when recommending ARIA, and is ranked #3115 out of 3310 analysts.