Bristol-Myers Squibb (BMY) Rating Lowered to Sell at Zacks Investment Research

Bristol-Myers Squibb (NYSE:BMY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

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 twelve months.”

Several other equities research analysts also recently weighed in on BMY. Jefferies Group raised their price target on shares of Bristol-Myers Squibb from $66.00 to $72.00 and gave the company a “buy” rating in a research report on Monday, September 11th. Hilliard Lyons downgraded shares of Bristol-Myers Squibb from a “long-term buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Tuesday, September 12th. Cowen reaffirmed a “hold” rating and issued a $65.00 target price on shares of Bristol-Myers Squibb in a research report on Tuesday, September 19th. Vetr raised shares of Bristol-Myers Squibb from a “hold” rating to a “buy” rating and set a $66.50 target price for the company in a research report on Wednesday, September 27th. Finally, UBS Group reaffirmed a “buy” rating and issued a $72.00 target price (up previously from $62.00) on shares of Bristol-Myers Squibb in a research report on Friday, October 6th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Bristol-Myers Squibb currently has a consensus rating of “Hold” and an average price target of $65.05.

Shares of Bristol-Myers Squibb (NYSE:BMY) traded up $0.34 on Tuesday, hitting $62.81. 5,489,081 shares of the company traded hands, compared to its average volume of 5,400,000. The company has a market capitalization of $102,800.00, a P/E ratio of 24.73, a P/E/G ratio of 2.29 and a beta of 1.18. The company has a quick ratio of 1.46, a current ratio of 1.59 and a debt-to-equity ratio of 0.47. Bristol-Myers Squibb has a 12 month low of $46.01 and a 12 month high of $66.10.

Bristol-Myers Squibb (NYSE:BMY) last announced its quarterly earnings results on Thursday, October 26th. The biopharmaceutical company reported $0.75 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.02). The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.20 billion. Bristol-Myers Squibb had a net margin of 20.56% and a return on equity of 32.41%. Bristol-Myers Squibb’s revenue was up 6.7% on a year-over-year basis. During the same period last year, the business earned $0.77 EPS. equities analysts predict that Bristol-Myers Squibb will post 2.99 earnings per share for the current fiscal year.

In other news, EVP Sandra Leung sold 156,582 shares of Bristol-Myers Squibb stock in a transaction on Monday, December 4th. The shares were sold at an average price of $63.37, for a total transaction of $9,922,601.34. Following the transaction, the executive vice president now owns 584,373 shares in the company, valued at approximately $37,031,717.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Theodore R. Samuels II purchased 4,000 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were acquired at an average price of $62.30 per share, for a total transaction of $249,200.00. Following the purchase, the director now directly owns 22,000 shares in the company, valued at $1,370,600. The disclosure for this purchase can be found here. Company insiders own 0.23% of the company’s stock.

Several institutional investors have recently modified their holdings of BMY. Hexavest Inc. lifted its stake in shares of Bristol-Myers Squibb by 2.2% during the 4th quarter. Hexavest Inc. now owns 1,530,038 shares of the biopharmaceutical company’s stock valued at $93,761,000 after buying an additional 33,562 shares in the last quarter. Covenant Asset Management LLC lifted its stake in shares of Bristol-Myers Squibb by 13.1% during the 4th quarter. Covenant Asset Management LLC now owns 13,629 shares of the biopharmaceutical company’s stock valued at $835,000 after buying an additional 1,579 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Bristol-Myers Squibb by 4.7% during the 4th quarter. Nisa Investment Advisors LLC now owns 608,058 shares of the biopharmaceutical company’s stock valued at $37,262,000 after buying an additional 27,053 shares in the last quarter. Acropolis Investment Management LLC lifted its stake in shares of Bristol-Myers Squibb by 326.7% during the 4th quarter. Acropolis Investment Management LLC now owns 8,735 shares of the biopharmaceutical company’s stock valued at $535,000 after buying an additional 6,688 shares in the last quarter. Finally, Rockland Trust Co. lifted its stake in shares of Bristol-Myers Squibb by 1.5% during the 4th quarter. Rockland Trust Co. now owns 65,545 shares of the biopharmaceutical company’s stock valued at $4,017,000 after buying an additional 969 shares in the last quarter. Institutional investors and hedge funds own 69.67% 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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