Business

MASS. MOVERS

Ariad rises again, despite setback on drug

THE BOSTON GLOBE/FILE 2011

Ariad focuses on developing anticancer medicines.

Shares of Ariad Pharmaceuticals Inc. climbed again Thursday, despite this week’s vote against the Cambridge company’s first cancer-fighting drug by a Food and Drug Administration panel. It recommended against FDA approval for Ridaforolimus, a treatment for metastatic soft-tissue sarcoma and bone sarcoma. But investors are apparently more excited about a third-quarter application for Ponatinib, for chronic myeloid leukemia. Analysts said Ponatinib, which could generate annual sales of $1 billion, drives the stock than Ridaforolimus.

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