J.P. Morgan Reiterates Overweight Rating On Ariad Pharmaceuticals

According to J.P. Morgan, Ariad Pharmaceuticals (NASDAQ: ARIA) Overweight rating is reiterated.

J.P. Morgan said that it reiterates its OW rating on ARIA following Friday's very well attended R&D Day in NYC. “While ARIA shares could be volatile (along with the rest of biotech) over the summer months, we remain very comfortable with the company's intermediate to long-term outlook. We are establishing a prob-adj Dec 2012 PT of $13 (our prior Dec 2011 PT was $10).”

Ariad Pharmaceuticals closed on Friday at $9.32.