UPDATE: Morgan Stanley Reiterates On Bristol-Myers Squibb On Disappointing Combo Data

In a report published Thursday, Morgan Stanley analyst David Risinger reiterated an Overweight rating on

, but removed the $60.00 price target. In the report, Morgan Stanley noted, “We found the nivo (PD-1) + Yervoy combo lung cancer data disappointing, but hope for slightly better data at ASCO when more mature (4 months longer?) data is disclosed. BMY's nivo+ Yervoy data in 46 first-line patients showed an ORR (objective response rate) of 22% (confirmed + unconfirmed) by RECIST 1.1. "Since nivo 3 mg monotherapy in 2nd-line and later patients had shown a low-mid 20% response rate last fall, this initial early data seems to suggest that Yervoy may not add much to efficacy in lung cancer. That said, Bristol IR told us that management continues to feel confident about moving nivo + Yervoy combo into Ph 3 for lung cancer later this year.” Bristol-Myers Squibb closed on Wednesday at $52.12.