Ariad Screams on Upgrade (ARIA)

Posted in pre-market 
November 9th, 2009

Ariad Pharmaceuticals Inc. (NASDAQ: ARIA) is one of the top gainers in the pre-market trading session.  Shares were raised to Overweight from Neutral at JP Morgan based on Phase I leukemia data due next month and on additional test results due in 2010.  At 8:11 AM EST we have shares trading up 10.6% at $2.40 after closing at $2.17 on Friday.  There have also been some 57,000 shares, but average trading volume is 2.9 million shares.  With a 52-week trading range of $0.72 to $3.48 and based on a 10% gain on an upgrade, it would seem that the few traders buying shares up this much are doing so in hopes that Ariad could become the next big stock runner in biotech.  That is just conjecture of course, and the market cap before the pop was $236 million.

Jon C. Ogg
November 9, 2009

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