Berenberg Downgrades Bristol-Myers Squibb Co. (BMY) to Hold

August 11, 2016 6:57 AM EDT
Get Alerts BMY Hot Sheet
Price: $56.28 +0.11%

Rating Summary:
    11 Buy, 11 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
Trade BMY Now!
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

Berenberg downgraded Bristol-Myers Squibb Co. (NYSE: BMY) from Buy to Hold with a price target of $70.00.

Analyst Laura Sutcliffe commented, "One of the key risks to the short-term Buy case for Bristol has crystallised. Following the failure of CheckMate 026 – which evaluated IO drug Opdivo as monotherapy in first-line NSCLC in PD-L1 positive patients – we downgrade our recommendation for Bristol from Buy to Hold. While a lack of success in this particular trial has no impact on about half of Bristol’s IO opportunity, it affects the NSCLC space as a whole, and places Bristol on the back foot in a market where it has, up until now, dominated."

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $60.58 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Downgrades

Add Your Comment