Will Ariad Pharmaceuticals Inc (NASDAQ:ARIA)’s Iclusig Make It To The Fore?
On Wednesday, Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) shares took a 65.99% nose-dive. This plunge came in the wake of news about safety issues surrounding Iclusig, its only approved drug. The company is now planning on reducing the dosage so that the trails on patients can continue unhindered. Presently, Iclusig is the secondary-treatment for leukemia.
Pinning High hopes
But the company has pinned great hopes on it becoming the front-running drug for this disease and hopes to pick up 7 other indications too. This is exactly what made the sell-off so steep. The tolerability issues that have surfaced can hinder its sale for all indications and it might become the last resort in leukemia treatment. The drug has numerous heavy-duty competitors.
Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) announced that it has stalled the enrollment trails after it reviewed some new data from its pivotal mid-stage trail that tested Iclusig in the treatment of 2 different forms of blood cancer.
News has it that the late-stage trial of this drug in the newly-diagnosed chronic myeloid leukemia may be pushed to 2014-end from the previously planned 2014 Q3.This drug received approval in December and was to be used in the treatment of 2 types of blood-cancer . The label carried warnings of potential liver toxicity and blood clots.
In Wednesday’s trading, Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) dropped by 65.99%. The opening price of the shares was $5.55, which climbed to an intraday high of $6.10 and dipped to a close of $5.83. Approximately 114.91 million shares were traded on Wednesday while an average volume of 3.40 million shares were traded over a 30 day period. The 52-week low of Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) shares is $4.00 and its 52-week high is $25.40. Ariad Pharmaceuticals, Inc (NASDAQ:ARIA) has a market capitalization of $1.08 billion