NEW YORK (TheStreet) -- Shares of ARIAD Pharmaceuticals (ARIA) are surging 10.51% to $9.27 on heavy trading volume today after the oncology company posted better-than-expected earnings and revenue for the second quarter before Thursday's opening bell.
ARIAD reported earnings of 59 cents, surpassing analysts expectations of 11 cents per share. Revenue came in at $68.12 million, ahead of analysts projected $60.64 million.
Last year, the company posted earnings of 28 cents per share on revenue of $29.24 million for the second quarter.
"We had a strong second quarter, during which we initiated a rolling NDA submission for brignatinib based on our data from the ALTA pivotal trial, presented four-year data from the PACE clinical trial for Iclusig, and advanced AP32788 for EGFR/HER2 exon 20 non-small cell lung cancer patients into a Phase 1/2 trial," said ARIAD CEO Paris Panayiotopoulos in a statement.
Moving forward, ARIAD said it is focusing on the expansion of its leukemia drug Iclusig and on the U.S. launch of its lung cancer drug Brigatinib.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate ARIAD PHARMACEUTICALS INC as a Sell with a ratings score of D-. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: ARIA