UPDATE: BMO Downgrades Bristol-Myers Squibb

BMO downgraded Bristol-Myers Squibb BMY from Outperform to a Market Perform rating. Alex Arfaei said, "We were wrong to extrapolate the strong efficacy seen with Bristol's Nivo+Yervoy combo in melanoma to lung (NSCLC) and kidney (RCC) cancer." Arfaei later went on to say, "Although BMS still plans to move the combo to phase-3 according to the abstract the doses have not been decided. The future of this combo is uncertain, in our view." Recognizing the number of other IOs in Bristol's pipeline it can combine with Nivo, Arfei believes the given experience with Yervoy+Nivo, the firm is more cautious about other combinations. Bristol-Myers Squibb shares were down 2.41 to $49.71 in pre-market hours Thursday morning. Shares have continued lower, trading at $48.71 at last check.