Why Ariad Pharmaceuticals (ARIA) Stock Is Up Today (Update)

Update (4:11 p.m.): Updated with Monday market close information.

NEW YORK (TheStreet) -- Ariad Pharmaceuticals  (ARIA) rose Monday after the company announced data on ponatinib, or Iclusig, from PACE and Phase 1 clinical trials.

The studies now indicate that with a median follow-up of 42.5 months for chronic-phase CML patients in the Phase 1 trial, Iclusig shows anti-leukemic activity in patients with limited treatment options.

The stock closed up 7.43%, or 48 cents, to $6.94. Ariad had a range of $6.74 to $7.50 for the day and holds a 52-week range of $2.15 to $23. More than 26 million shares changed hands, more than double the average volume of 10,324,300.

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