Ariad initiated by Bear Stearns at outperform

Ariad Pharmaceuticals Inc. was initiated Monday by Bear Stearns with an outperform rating. The Cambridge, Mass.-based biotech is involved in the discovery and development of medicines to treat cancer, particularly leukemia and bone cancers, by regulating cell signaling with small molecules. Ariad shares on Monday added 6 cents, or 0.96%, to close at $6.34 on volume of 377,169 shares versus the three-month running average of 567,939.

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