Bristol-Myers Squibb (BMY) PT Raised to $80 at UBS

UBS analyst Marc Goodman reiterated a Buy rating and boosted his price target on Bristol-Myers Squibb Co. (NYSE: BMY) to $80.00 (from $73.00) following results.

Goodman highlighted:

"Regarding Opdivo, mgt indicated that (1) it has >80% dollar share in US PD-1 category, and comparable shares in Germany, France, and Japan.

(2) Lung accounted for ~2/3 of total sales and Opdivo is used in ~60% of 2L new pts in sq and 50-60% in non-sq.

(3) In Melanoma, Bristol's IO franchise accounted for ~40% share in 1L new pts, and combo was at ~30%.

(4) In RCC, Opdivo was ~50% share in 2L new pts.

(5) Mgt indicated that Checkmate 026 (1L mono in lung) can read out as early as 3Q16 now (vs 4Q previously).

(6) At ASCO, we expect to see Opdivo mono data in cHL (#205), Head and Neck (#141), Bladder, Gastric, and Liver (Checkmate-32); and Nivo+Ipi data in lung (long term data for #012), SCLC (#032), CRC (#152), Glioblastoma (#143) and Gastric (#032).

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 $72.26 yesterday.

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