Price/Volume Alert: Ariad Pharmaceuticals Inc. (ARIA)

Posted in General 
August 4th, 2009

Ariad Pharmaceuticals Inc. (NASDAQ: ARIA) is a fairly small stock in the land of biotech stocks, yet it is under price pressure on volume this morning based upon a secondary offering.  The company priced 19 million shares at $1.75 per share, which is well under the $1.99 close on Monday.  As of 9:39 AM EST we have shares down 7.5% at $1.84 on about 700,000 shares of stock.  We originally had the offering at 17 million shares, but the CEO is buying $3 to $5 million of the offering.  The average volume in ARIA is only about 1.29 million and we’d expect that to be hit perhaps by the 10:00 AM EST mark. Its 52-week trading range is $0.72 to $3.55.  -JON OGG

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