Cory Kasimov boosted his Ariad rating Monday morning based on two upcoming catalysts from the company's drug pipeline: 1) Results from a phase I, proof of concept study of AP24534 chronic myeloid leukemia expected at the American Society of Hematology meeting in early December; and 2) the second interim analysis from a pivotal phase III study of ridaforolimus in sarcoma in the first quarter of next year.
"All in, we believe ARIA shares are attractive given an enterprise value of [less than] $200 million despite having an oncology asset (partnered with Merck) in a pivotal program, and a second wholly owned asset with exciting, albeit early, data that is poised to move into pivotal development in 2010," writes Kasimov. He has a $6 price target on the stock.
Aria shares closed Friday at $2.17.
FDA Delays Approval Decision on Xenoport Drug
The Food and Drug Administration has delayed by three months an approval decision on XP'512 for restless leg syndrome.
(XNPT - Get Report)
are the drug's developers.
In a statement late Friday, the two companies says FDA is taking another three months to review a risk management plan for XP'512, which will push back the approval decision date to Feb. 9, 2010 from today.
-- Reported by Adam Feuerstein in Boston