Ariad initiated by Global Crown at underweight

Ariad Pharmaceuticals Inc. coverage was initiated by Global Crown Capital analyst Kate Winkler at an underweight rating, saying Ariad stock appears overvalued relative to other companies that have similarly promising phase II cancer drug candidates but richer pipelines. Ariad shares Monday lost 22 cents, or 2.82%, to $7.58 on volume of 681,498 shares versus the three-month running average of 634,786.

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