UPDATE: BMO Capital Markets Downgrades Bristol-Myers Squibb to Market Perform, Lowers PT

In a report published Monday, BMO Capital Markets downgraded its rating on Bristol-Myers Squibb

from Outperform to Market Perform, and slightly lowered its price target from $38.00 to $37.00. BMO Capital noted, “With strong results from the Phase-2 ELECTRON trial (100% SVR), Gilead has solidified its lead in the Hep-C market. The data significantly lowers the potential for BMS' Hep-C portfolio, and sets a high bar for the rest of the competitors. Similarly, Merck reported solid results for its anti-PD-1 cancer immunotherapy, MK-3475, in advanced melanoma. MK-3475 appears to be on par with BMS'558, if not better; however, we have yet to see longer term data including the durability of responses. As a result of a number of pipeline setbacks this year and competitive developments, we have now adopted a more cautious view on BMS' pipeline. Although we still expect Eliquis to get a best in class label and get approved ahead of its 3/17/13 PDUFA, much of that is now expected by the market and its launch could be choppy.” Bristol-Myers Squibb closed on Friday at $32.23.