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Bristol -Myers Shares Jump as Analyst Hails New Cancer Treatment Drug

Shares of Bristol-Myers Squibb Co. (BMY) jumped more than 6% Wednesday after Citigroup (C) raised its rating on the company's shares to buy from neutral, as an analyst at the brokerage says the drug maker is helping to bring about "the beginning of the end for cancer."Bristol-Myers was recently up $2.55 to $46.61 after Citigroup analyst Andrew S. Baum praised the company's new cancer treatment Nivolumab, now in Phase 3 testing and could win approval as early as next year, he says. By 2017, he says, earnings could be at least 27% ahead of current analyst consensus."[Bristol-Myers's] current Phase 3 program is only the tip of the iceberg," Baum said in a note to clients. He added the drug, which has proven effective with other medications in treating melanoma, could end up being expanded outside initial indications in lung cancer and renal cancer.In another note to clients, Baum said immunotherapies used to treat cancer such as Nivolumab could end up being the treatment backbone, bringin...

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  1. Bristol -Myers , AstraZeneca: Study Shows Metreleptin May Treat Pediatric Lipodystrophy

    Bristol-Myers Squibb Co. (BMY) and AstraZeneca PLC (AZN) said a year-long study of metreleptin showed it reduced average blood sugar levels in pediatric patients wit...

  2. Merck 1st-Quarter Profit Down on Loss of Singulair Exclusivity

    Major drug makers are finding it more difficult than expected to overcome the blow of recent patent expirations, with Merck & Co. (MRK) becoming the second company a...

  3. Vertex Pharmaceuticals Swings to 1st-Quarter Loss on Write-Down

    Vertex Pharmaceuticals Inc. (VRTX) swung to a first-quarter loss as sales of its hepatitis C drug plummeted from a year earlier and the company wrote down the value ...

  4. Merck and Pfizer Agree to Develop Type 2 Diabetes Treatment

    Merck & Co. (MRK) has struck a global collaboration agreement for the development and commercialization of Pfizer's potential treatment for Type 2 diabetes.The agree...

  5. Bristol -Myers Profit Drops 45% on Lower Heart Drug Sales

    Bristol-Myers Squibb Co. (BMY) reported a nearly 45% decline in first-quarter profit, as the loss of patent protection for formerly big-selling heart drugs continued...

  6. Bristol -Myers Net Drops on Lower Sales of Heart Drugs

    Bristol-Myers Squibb Co. (BMY) reported a nearly 45% decline in first-quarter profit, as the loss of patent protection for formerly big-selling heart drugs continued...

  7. Bristol -Myers Matches Earnings Forecast

    Bristol-Myers Squibb Co reported lower first-quarter earnings, in line with forecasts, thanks to unexpectedly lower taxes and sharply higher sales of its treatments ...

  8. FDA Gives 'Breakthrough' Designation to Merck Skin-Cancer Drug

    An experimental Merck & Co. (MRK) skin-cancer drug was designated as a "breakthrough therapy" by the U.S. Food and Drug Administration, which could ease the treatmen...

  9. Bristol Says Results of Hepatitis C Drug Trial are Positive

    An experimental drug cocktail from Bristol-Myers Squibb Co. (BMY) cleared the hepatitis C virus in most patients in a mid-stage clinical trial--results that could ke...

  10. Merck, Bristol -Myers to Jointly Study Potential Hepatitis C Virus Drug

    Merck & Co. (MRK) and Bristol-Myers Squibb Co. (BMY) agreed to evaluate the combined use of daclatasvir and the protease inhibitor MK-5172 as a treatment for chronic...

  11. Flu Season Momentum Boosts Reckitt Sales

    Drug purchases in a prolonged cold and flu season in North America and Europe boosted sales at Reckitt Benckiser PLC (RB.LN), which on Monday recorded higher revenue...

  12. Corporate Charity a Boon to Bottom Lines

    When it comes to corporate responsibility, terms like charity and sustainability seem to supersede more lucrative words like money and profits.But abiding by this ce...

  1. MARKET SNAPSHOT: U.S. Stocks Hold Gains After Bernanke Bond Talk

    U.S. stocks showed solid gains in early-afternoon action Wednesday, recovering a little from a dip on Federal Reserve Chairman Ben Bernanke saying tapering of the ce...

  2. Market Wrap for Wednesday, May 22: Stocks Pullback As Bernanke Says Bond Buying Could Slow

    In Congressional testimony on Wednesday, Federal Reserve Chairman Ben Bernanke said that the central bank could begin winding down its $85 billion-per-month bond-buy...

  3. Bristol-Myers Squibb Lifted To Buy At Citi

    Bristol Myers Squibb Co. was upgraded to buy from neutral by analysts at Citi in a note that published May 22. Citi also lifted its price target to $55 from $33 and ...

  4. Market Wrap for Wednesday, May 15: Bull Market Continues as Dow and S&P Hit New Highs

    A late day push helped the U.S. stock market to another strong close on Wednesday. The Dow and S&P 500 finished the session at new all-time highs and all of the majo...

  5. Pair of Studies Show Power of Immune System to Fight Cancer

    Positive results from two early-stage studies of drugs from Bristol-Myers Squibb Co. (BMY) and Roche Holding AG (RHHBY) provided fresh evidence that the power of the...

  6. AbbVie Chief Scientific Officer John Leonard to Retire

    AbbVie Inc. (ABBV), the pharmaceutical business spun off from Abbott Laboratories (ABT), said its head of research and development will retire from the company.In a ...

  7. Americans Spending Less on Medicines

    Patent expirations on big-name drugs such as Lipitor and Plavix has resulted in modestly less spending on medicines in the United States for the first time in at lea...

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