Market Overview

Merck Shares Higher Following Bristol-Myers' Phase 3 Disappointment

Share:
Related BMY
Chardan Initiates Asterias Biotherapeutics At Buy On Potential Cell Therapy Competitiveness
Inovalon And Bristol-Myers Squibb Strike Deal To Focus On Real World Outcomes & Value-Based Contracting Initiatives
Achillion's Pipeline Strengthens, With Near-Term Potential Catalysts (Seeking Alpha)
Related MRK
Chardan Initiates Asterias Biotherapeutics At Buy On Potential Cell Therapy Competitiveness
JPMorgan's Take On Big Pharma's New ASCO Abstracts
The Vetr community has downgraded $MRK to 3-Stars (Vetr)

Shares of Bristol-Myers Squibb (NYSE: BMY) fall 7.15% following Q4 results and management's announcement that the company will continue Phase 1 studies of nivolimab and Yervoy in lung cancer before advancing to Phase 3.

BMO Capital Markets analyst Alex Arfaei's noted that many investors expected a rapid advancement to stage 3 and this news will disappoint. Arfaei added that Bristol-Myer's management comments may be interpreted as a sign of caution.

The analyst reported that this news is “incrementally positive” for Merck & Co. (NYSE: MRK) who is developing a competing therapy in lung cancer, MK- 3475.

Arfaei rates Bristol-Myers as Market Perform with a $56.00 price target, and Merck as Outperform with a $56.00 price target.

Bristol-Myers is currently down 4.75% at $51.39 and shares of Merck are up 0.87% at $52.05.

Latest Ratings for BMY

DateFirmActionFromTo
May 2016Credit SuisseMaintainsOutperform
Apr 2016Societe GeneraleInitiates Coverage onSell
Mar 2016JefferiesMaintainsHold

View More Analyst Ratings for BMY
View the Latest Analyst Ratings

Posted-In: Alex Arfaei BMO Capital MarketsAnalyst Color News Analyst Ratings

 

Related Articles (BMY + MRK)

View Comments and Join the Discussion!