Bristol-Myers Squibb Co (NYSE:BMY) announced new data across eight tumor types evaluating Opdivo (nivolumab) and Yervoy (ipilimumab), as monotherapy or in combination, as well as new assets, to be presented at the 2016 European Society for Medical Oncology (ESMO) Congress in Copenhagen, Denmark from October 7–11. Data presented at this congress underscore the Company’s commitment to its portfolio and to discover the next wave of transformational Immuno-Oncology medicines, including combination therapies, for difficult-to-treat cancers.
“Bristol-Myers Squibb continues to lead the scientific understanding of Immuno-Oncology with an extensive portfolio and a differentiated clinical development program where we have set a high bar of success to look for clear and differentiated improvements over currently available therapies,” said Fouad Namouni, M.D., head of development, Oncology, Bristol-Myers Squibb. “We remain focused on expanding the use of the Opdivo and Yervoy combination to more tumors, and bringing forward novel agents and combination regimens in earlier lines of therapy, to help even more patients with cancer.” (Original Source)
Shares of Bristol Myers closed today at $54.66, up $0.74 or 1.37%. BMY has a 1-year high of $77.12 and a 1-year low of $53.56. The stock’s 50-day moving average is $56.93 and its 200-day moving average is $66.90.
On the ratings front, BMY stock has been the subject of a number of recent research reports. In a report issued on September 27, Piper Jaffray analyst Richard Purkiss reiterated a Hold rating on BMY, with a price target of $62, which represents a potential upside of 13% from where the stock is currently trading. Separately, on September 20, Citigroup’s Andrew Baum maintained a Buy rating on the stock and has a price target of $70.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Richard Purkiss and Andrew Baum have a total average return of 2.1% and 2.4% respectively. Purkiss has a success rate of 54.5% and is ranked #1969 out of 4197 analysts, while Baum has a success rate of 48% and is ranked #1904.
Overall, 10 research analysts have assigned a Hold rating and 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $70.43 which is 29% above where the stock opened today.
Bristol-Myers Squibb Co. engages in the discovery, development, licensing, manufacturing, marketing, distribution, and sale of biopharmaceutical products. Its pharmaceutical products include chemically-synthesized drugs or small molecules and an increasing portion of products produced from biological processes called biologics. Bristol-Myers biopharmaceutical research and development efforts in the affective (psychiatric) disorders, Alzheimer’s/dementia, cardiovascular, diabetes, hepatitis, HIV/Acquired Immunodeficiency Syndrome (AIDS), oncology, immunologic disorders and fibrotic disease areas.