I closed my position in ARIA this afternoon at $15.40 per share. The company is facing an Ad Comm meeting next Tuesday for its sarcoma drug (ridaforolimus) and the briefing documents were released this morning. Roller coaster day for the stock following the release.
I originally purchased the shares on March 2nd at $14.68 so I am looking at a 4% gain in the 2 weeks I held. I had been hoping for more of an appreciation ahead of the meeting. In reality though, win or lose the drug will not be a major value driver for ARIA. They are partnering with MRK on the marketing of the drug and I expect that MRK has negotiated a favourable revenue split. Peak revenues for the drug are expected to be in the mid $200M range.