Bristol-Myers Squibb (NYSE:BMY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.
According to Zacks, “Bristol-Myers’ blockbuster drug Opdivo is facing competitive challenges in the United States. With the FDA approving Merck’s Keytruda, for the first-line treatment of metastatic non-squamous NSCLC, the competition will stiffen up. Pricing concerns, stiff competition in the HCV and immuno-oncology space are expected to remain a significant overhang on the company’s shares. Yervoy’s sales are expected to be under pressure due to adoption of Opdivo in adjuvant melanoma. Gross margin is also expected to be under pressure due to product mix and declines in virology business. Shares of the company have underperformed the industry in the last three months. Estimates have remained stable ahead of Q4 earnings. The company has a mixed record of earnings surprises in the recent quarters.”
BMY has been the topic of several other reports. Citigroup set a $72.00 target price on Bristol-Myers Squibb and gave the stock a “buy” rating in a research report on Wednesday, October 25th. BMO Capital Markets set a $49.00 target price on Bristol-Myers Squibb and gave the stock a “sell” rating in a research report on Thursday, October 26th. Vetr downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating and set a $59.70 target price on the stock. in a research report on Friday, December 22nd. Credit Suisse Group set a $62.00 target price on Bristol-Myers Squibb and gave the stock a “hold” rating in a research report on Monday, January 22nd. Finally, Jefferies Group downgraded Bristol-Myers Squibb from a “buy” rating to a “hold” rating and set a $72.00 target price on the stock. in a research report on Monday, October 16th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. Bristol-Myers Squibb presently has an average rating of “Hold” and a consensus price target of $65.38.
In related news, Director Theodore R. Samuels II bought 4,000 shares of the stock in a transaction dated Friday, December 15th. The stock was acquired at an average price of $62.30 per share, for a total transaction of $249,200.00. Following the completion of the purchase, the director now owns 22,000 shares in the company, valued at $1,370,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Thomas J. Jr. Lynch sold 5,300 shares of the stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $63.24, for a total value of $335,172.00. Following the completion of the sale, the executive vice president now owns 9,251 shares of the company’s stock, valued at approximately $585,033.24. The disclosure for this sale can be found here. 0.23% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Massey Quick Simon & CO. LLC grew its stake in Bristol-Myers Squibb by 523.5% during the 3rd quarter. Massey Quick Simon & CO. LLC now owns 1,777 shares of the biopharmaceutical company’s stock valued at $113,000 after purchasing an additional 1,492 shares in the last quarter. Horan Capital Advisors LLC. acquired a new stake in Bristol-Myers Squibb during the 3rd quarter valued at approximately $122,000. Tradewinds Capital Management LLC grew its stake in Bristol-Myers Squibb by 34.6% during the 2nd quarter. Tradewinds Capital Management LLC now owns 1,945 shares of the biopharmaceutical company’s stock valued at $108,000 after purchasing an additional 500 shares in the last quarter. Atlantic Trust LLC acquired a new stake in Bristol-Myers Squibb during the 2nd quarter valued at approximately $111,000. Finally, AllSquare Wealth Management LLC acquired a new stake in Bristol-Myers Squibb during the 3rd quarter valued at approximately $134,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.
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About Bristol-Myers Squibb
Bristol-Myers Squibb Company is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The Company’s pharmaceutical products include chemically synthesized drugs, or small molecules, and products produced from biological processes called biologics.
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