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CTMX

CytomX Therapeutics

$15.18

0.18 (1.20%)

, BMY

Bristol-Myers

$56.29

-1.02 (-1.78%)

07:02
03/20/17
03/20
07:02
03/20/17
07:02

CytomX, Bristol-Myers expand collaboration with $200M upfront payment

Bristol-Myers Squibb (BMY) and CytomX Therapeutics (CTMX) announced an expansion of their 2014 strategic collaboration to discover novel therapies that will include up to eight additional targets using CytomX's proprietary Probody platform. "Probody therapeutics are designed to take advantage of unique conditions in the tumor microenvironment to enhance the tumor-targeting features of an antibody and reduce drug activity in healthy tissues," the companies explained. Under the terms of the agreement, CytomX will grant Bristol-Myers exclusive worldwide rights to develop and commercialize Probody therapeutics for up to six additional oncology targets and two non-oncology targets. Bristol-Myers Squibb will make an upfront payment of $200M to CytomX and, in addition, will provide research funding over the course of the research term. CytomX will also be eligible to receive up to $448M in future development, regulatory and sales milestone payments for each collaboration target, as well as tiered royalties from the mid-single digits to low-double digits on net sales of each product commercialized by Bristol-Myers Squibb.

CTMX

CytomX Therapeutics

$15.18

0.18 (1.20%)

BMY

Bristol-Myers

$56.29

-1.02 (-1.78%)

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    Apr

CTMX CytomX Therapeutics
$15.18

0.18 (1.20%)

01/03/17
OPCO
01/03/17
DOWNGRADE
OPCO
Perform
CytomX Therapeutics downgraded to Perform from Outperform at Oppenheimer
Oppenheimer analyst Leah Rush Cann downgraded CytomX Therapeutics to Perform citing valuation. The analyst's model assumes only one of the company's experimental therapies has a revenue impact between 2016 and 2025.
03/01/17
NOMU
03/01/17
INITIATION
Target $21
NOMU
Buy
CytomX Therapeutics initiated with a Buy at Nomura
Nomura initiated CytomX Therapeutics with a Buy and a $21 price target.
BMY Bristol-Myers
$56.29

-1.02 (-1.78%)

02/01/17
GSCO
02/01/17
NO CHANGE
GSCO
Bristol-Myers estimates trimmed for Sprycel loss at Goldman
Goldman reduced Bristol-Myers earnings estimates by 4c-7c for 2017-2021 to reflect the lost of the Sprycel appeal in the EU. The firm continues to rate Bristol-Myers a Buy.
02/15/17
DBAB
02/15/17
NO CHANGE
DBAB
Deutsche not seeing Pfizer buying Bristol-Myers at this time
Following yesterday's speculation of a potential deal, Deutsche Bank analyst Gregg Gilbert said he would be surprised to see Pfizer (PFE) make a move on Bristol-Myers Squibb (BMY) at this stage. Such an acquisition "would represent a very large and concentrated opportunity/risk on immuno-oncology, an area fraught with near-term uncertainty," Gilbert told investors last night in a research note. He believes that if Pfizer were to use $90B for a deal, it would prefer to acquire a more diverse set of value drivers. The analyst keeps a Hold rating on Bristol and Buy rating on Pfizer. Bristol shares rose 3% yesterday to $53.71 amid speculation of a potential takeover. The conjecture had Roche (RHHBY), Novartis (NVS) and Pfizer potentially looking into a bid for Bristol.
03/06/17
FBCO
03/06/17
NO CHANGE
FBCO
Near-Term acquisition of Bristol-Myers unlikely, says Credit Suisse
Credit Suisse analyst Vamil Divan says there is increasing investor focus on strategic actions and opportunities around Bristol-Myers (BMY) following the company's recent stumbles and the increased stake activist investors have taken in the stock. The analyst notes that "the big question" remains whether any of its peers may be interested in an outright acquisition, with Pfizer (PFE), Novartis (NVS) and Gilead (GILD) among the possible acquirers. While the numbers may make sense, Divan sees an acquisition in the next 9-12 months as unlikely as he needs more clarity on some of the large unknowns in the lung cancer market and macro issues such as corporate tax reform.
03/08/17
PIPR
03/08/17
NO CHANGE
Target $60
PIPR
Neutral
Piper views near-term takeout of Bristol-Myers as unlikely
In a research note titled "Lung Data to Define Value....Not M&A Talk," Piper Jaffray analyst Richard Purkiss contends that news reports suggesting Bristol-Myers (BMY) is a takeover target are "wide of the mark." Industry buyers are unlikely to show interest ahead of the immuno-oncology data readouts in the next 12 months, Purkiss tells investors. He believes the key value-defining events for Bristol over the next year are the four large I/O Combo studies set to read out from mid-2017: AstraZeneca's (AZN) MYSTIC, Merck's (MRK) KN-189, Roche's (RHHBY) IMpower 150 and the company's own CheckMate-227. Ahead of these data, it is virtually impossible to assign a stable fair value to Bristol's I/O franchise, Purkiss argues. He believes investors seeking to benefit from industry consolidation in the near-term should own small- or mid-cap oncology companies. The analyst has a Neutral rating on Bristol with a $60 price target. The stock closed yesterday down 64c to $56.33.

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SAP

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FB

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CSX

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AYTU

Aytu BioScience

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EPIX

ESSA Pharma

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MRDN

Meridian Waste Solutions

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APD

Air Products

$161.62

-0.67 (-0.41%)

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BOOT

Boot Barn

$13.49

-0.23 (-1.68%)

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SD

SandRidge Energy

$17.50

0.88 (5.29%)

, BCEI

Bonanza Creek

$32.14

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SandRidge Energy

$17.50

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SYMC

Symantec

$28.43

0.32 (1.14%)

, AMZN

Amazon.com

$1,156.16

16.67 (1.46%)

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AMZN

Amazon.com

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16.67 (1.46%)

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NRIM

Northrim BanCorp

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Cerner

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HPE

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Deere

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Rockwell Automation

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GME

GameStop

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GES

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IRBT

iRobot

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CHMI

Cherry Hill Mortgage

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NKTR

Nektar

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VIX

Volatility Index S&P 500 Options

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VGZ

Vista Gold

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GPX

GP Strategies

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$NSD

NASDAQ Market Internals

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