Morgan Stanley's Positive Comments On Bristol-Myers Squibb
In a report published Monday, Morgan Stanley analyst David Risinger and his team reiterated an Overweight rating on Bristol-Myers Squibb Co (NYSE: BMY) after the National Comprehensive Cancer Network (NCCN) updated its guidelines for the treatment of Non-Small Cell Lung Cancer (NSCLC) to include Opdivo in second-line non-squamous and squamous NSCLC.
According to the analysts, this is significant news because the company “has not yet filed with the FDA for non-squamous approval.” Even further, the NCCN said it “does not recommend testing for PD-L1, because many patients with metastatic NSCLC benefit from [Opdivo].”
These recommendations are based on the results of CheckMate-057 for non-squamous NSCLC (Category2A, mid-level evidence generates uniform consensus at the NCCN regarding intervention) and CheckMate-017 for squamous NSCLC (Category1, high-level evidence generates uniform consensus at the NCCN).
Following the recommendation, however, Morgan Stanley maintains its Opdivo sales estimates of $1.1 billion for 2015, and $9.7 billion through 2020.
Shares of Bristol-Myers Squibb rose 0.2 percent on Monday afternoon and are up 11.69 percent year-to-date versus a 1.21 percent gain for the S&P 500.
Other Street Takes
Other analysts have also commented on the stock of late.
Credit Suisse sees the stock as the best in its class, and has a $75.00 price target set. Berenberg recently initiated coverage with a Hold rating and a $70.00 price target, while Deutsche Bank maintains a Hold as well, although its price target stands at $65.00.
Morgan Stanley rates the stock as Overweight, and sees the price escalating to $80.00.
Latest Ratings for BMY
|Oct 2016||Hilliard Lyons||Upgrades||Neutral||Long-Term Buy|
|Oct 2016||Credit Suisse||Maintains||Neutral|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.