Drug Companies on Watch Heading Into ESC Meeting; Goldman Comments (JNJ) (BMY) (PFE)
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Price: $44.70 -8.51%
Rating Summary:
6 Buy, 26 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
6 Buy, 26 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Bristol-Myers Squibb Co. (NYSE: BMY) is on watch heading into the weekend, with edoxaban data on tap to be presented this weekend at European Society of Cardiology (ESC) annual meeting on Sunday.
Commenting, Goldman analyst Jami Rubin said, "The data comes from a study investigating edoxaban in the treatment of blood clots (venous thromboembolism/VTE). We believe this new data at ESC yields limited insight into future market dynamics and the more important edoxaban data in stroke prevention will appear in Nov. We acknowledge headline risk to [Bristol-Myers's] Eliquis, but only if edoxaban shows superiority to warfarin."
"Edoxaban headline risk has been looming on the horizon for over a year and now, with data at hand, some investors have expressed concern over the potential threat to Eliquis. However, we believe BMY's long-term growth prospects are dependent upon PD-1 and not Eliquis, particularly as Eliquis estimates have been substantially reduced and BMY's share price has pulled back 9% since early July (vs. S&P 500 -2%)," he added. "
Rubin thinks Edoxaban data represents a greater threat to Johnson & Johnson (NYSE: JNJ) than BMY or Pfizer Inc. (NYSE: PFE).
Goldman Sachs has a Buy rating on Bristol-Myers Squibb Co. with a price target of $53.00
For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. (NYSE: BMY) click here. For more ratings news on Bristol-Myers Squibb Co. click here.
Shares of Bristol-Myers Squibb Co. closed at $41.79 yesterday.
Commenting, Goldman analyst Jami Rubin said, "The data comes from a study investigating edoxaban in the treatment of blood clots (venous thromboembolism/VTE). We believe this new data at ESC yields limited insight into future market dynamics and the more important edoxaban data in stroke prevention will appear in Nov. We acknowledge headline risk to [Bristol-Myers's] Eliquis, but only if edoxaban shows superiority to warfarin."
"Edoxaban headline risk has been looming on the horizon for over a year and now, with data at hand, some investors have expressed concern over the potential threat to Eliquis. However, we believe BMY's long-term growth prospects are dependent upon PD-1 and not Eliquis, particularly as Eliquis estimates have been substantially reduced and BMY's share price has pulled back 9% since early July (vs. S&P 500 -2%)," he added. "
Rubin thinks Edoxaban data represents a greater threat to Johnson & Johnson (NYSE: JNJ) than BMY or Pfizer Inc. (NYSE: PFE).
Goldman Sachs has a Buy rating on Bristol-Myers Squibb Co. with a price target of $53.00
For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. (NYSE: BMY) click here. For more ratings news on Bristol-Myers Squibb Co. click here.
Shares of Bristol-Myers Squibb Co. closed at $41.79 yesterday.
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