As previously reported, Mizuho analyst Salim Syed downgraded Amgen (AMGN) and Celgene (CELG), each to Neutral from Buy, "solely" on the stock's current trading prices nearing what the analyst views as appropriate valuations. Amgen has run up over the last week by about 10% following a "very clean Enbrel litigation win," but the stock price now gives full credit for its Enbrel IP, said Syed, who raised his price target on Amgen shares to $212 from $208. He also cut his price target on Celgene shares to $100 from $103, based on a calculation of one Bristol-Myers (BMY) share being worth $47, plus $50 cash per share and $3 for a risk-adjusted CVR valuation.

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.

Bristol Myers Squibb and Cellares, a development and manufacturing organization dedicated to clinical and industrial-scale cell therapy manufacturing, announced a worldwide capacity reservation and supply agreement for the manufacture of CAR T cell therapies in a transaction valued up to $380M in upfront and milestone payments. As part of the agreement, Cellares will optimize, automate, and tech-transfer select Bristol Myers Squibb CAR T cell therapies onto its automated and high-throughput manufacturing platform, the Cell Shuttle. Cellares will dedicate multiple Cell Shuttle and Cell Q systems with fully automated, high-throughput quality control for Bristol Myers Squibb's exclusive use. The Cell Shuttles and Cell Qs will be deployed in Cellares' Smart Factories in the U.S., EU, and Japan. This agreement expands upon the existing collaborations between Bristol Myers Squibb and Cellares. In August 2023, Bristol Myers Squibb participated in Cellares' Series C financing to launch the first IDMO Smart Factory in an effort to meet the demand for cell therapies globally. That same month, Bristol Myers Squibb joined Cellares' Technology Adoption Partnership Program to evaluate the Cell Shuttle's automated manufacturing capabilities.