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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Ariad Pharmaceuticals (Nasdaq: ARIA ) shares jumped 10% in early trading Monday.
So what: Shares bounced on positive results news about ridaforolimus, which treats advanced uterine cancer. The treatment was effective, but side effects were worse than some expected.
Now what: Overall this is positive news for Ariad and considering the pullback in shares later in the day might warrant a buying opportunity. Merck (NYSE: MRK ) , Ariad's partner in the study, stopped enrollment in the study after the favorable results. I'm looking for this positive news to push Ariad higher after the pullback in trading.
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