What Analysts Said After Bristol-Myers' Quick Lung Drug Approval

shot higher yesterday, gaining more than 6 percent, after its lung cancer drug received surprisingly quick approval from the FDA. According to Credit Suisse, not only does the approval speed how quickly Bristol-Myers will see sales and EPS gains, but it also provides the company with "a meaningful lead over its nearest competitors" in lung cancer indication.

Critically, however, Credit Suisse sees 2015 as a "catalyst rich period" for Bristol-Myers "in particular." The analysts raised their price target by $2 to $70 and reiterated their Outperform rating.

UBS analysts, however, are less bullish on the stock, leaving a $60 price target and Neutral rating on the stock. While Credit Suisse was surprised by the fast approval, UBS said that it was not "unexpected," particularly given that trials were ended after strong results. At the moment, UBS analysts are in a wait-and-see mode after noting that, in their opinion, the stock already priced in "significant sales" for this treatment.