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BMY

Bristol-Myers

$62.48

-0.54 (-0.86%)

, HALO

Halozyme

$13.18

0.12 (0.92%)

07:04
09/14/17
09/14
07:04
09/14/17
07:04

Halozyme to receive $150M from Bristol-Myers for Enhanze technology partnership

Bristol-Myers (BMY) and Halozyme (HALO) announced a global collaboration and license agreement to develop subcutaneously administered Bristol-Myers Squibb immuno-oncology medicines using Halozyme's Enhanze drug-delivery technology. The Halozyme Enhanze technology is based on a proprietary recombinant human hyaluronidase enzyme to aid in the dispersion and absorption of other injected therapeutic drugs. Halozyme will receive an initial $105M for access to the Enhanze technology. Bristol-Myers Squibb has an option to select additional targets within five years from the effective date. The collaboration may extend to a maximum of 11 targets. Halozyme has the potential to earn milestone payments of up to $160M for each of the nominated collaboration targets and additional milestone payments for combination products. In addition, Bristol-Myers Squibb will pay Halozyme royalties on sales of products using the Enhanze technology developed under the collaboration. For Bristol-Myers, the transaction is expected to be dilutive to non-GAAP EPS in 2017 and 2018 by approximately 1c, and by approximately 5c in 2019.

BMY

Bristol-Myers

$62.48

-0.54 (-0.86%)

HALO

Halozyme

$13.18

0.12 (0.92%)

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BMY Bristol-Myers
$62.48

-0.54 (-0.86%)

09/12/17
09/12/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Bristol-Myers (BMY) downgraded to Neutral from Long-Term Buy at Hilliard Lyons with analyst Kurt Kemper citing share appreciation as shares have approached his previous $65 price target. 2. Bunge (BG) downgraded to Hold from Buy at Vertical Group citing the acquisition of 70% interest in IOI Loders Croklaan. 3. Advance Auto Parts (AAP) downgraded to Sell from Neutral at Citi with analyst Kate McShane saying the company's turnaround seems to be taking longer given the number of issues to fix, and its cost savings are unlikely to impact earnings given its needed investments. 4. Precision Drilling (PDS) downgraded to Neutral from Overweight at JPMorgan. 5. Nucor (NUE) and Steel Dynamics (STLD) were downgraded to Equal Weight from Overweight at Morgan Stanley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/12/17
HDLY
09/12/17
DOWNGRADE
Target $65
HDLY
Neutral
Bristol-Myers downgraded to Neutral from Long-Term Buy at Hilliard Lyons
Hilliard Lyons analyst Kurt Kemper downgraded Bristol-Myers to Neutral due to share appreciation as shares have approached his previous $65 price target.
08/31/17
MSCO
08/31/17
NO CHANGE
MSCO
Overweight
Incyte melanoma data exceeded expectations, says Morgan Stanley
Morgan Stanley analyst Andrew Berens said the data on the use of an epacadostat/PD- 1 combo in melanoma treatment presented in an ESMO abstract exceeds expectations and "leaves little doubt" about the combination's efficacy. The analyst, who added that Incyte's (INCY) PFS data exceeds that of a combination of Bristol-Myers' (BMY) Opdivo with Yervoy, keeps an Overweight rating on Incyte and said the data bodes well for the company's Phase 3 program.
08/16/17
LEER
08/16/17
NO CHANGE
Target $34
LEER
Outperform
Leerink sees competitor setback in RCC opportunity for Exelixis
Leerink analyst Michael Schmidt notes that Bristol-Myers (BMY) reported top-line results from the Phase III CheckMate-214 trial investigating Opdivo in combination with Yervoy versus Sutent in intermediate and poor-risk patients with previously untreated advanced or metastatic renal cell carcinoma, or RCC. While directionally positive, the trial missed the co-primary endpoint of improving progression-free survival with statistical significance, he notes, adding that this raises the regulatory bar for Bristol-Myers' IO combination at least until positive overall survival data are available likely in mid-2019, which he thinks will be positively received by Exelixis (EXEL) investors. Following the news, Schmidt believes Exelixis continues to look well positioned in RCC, He reiterates an Outperform rating and $34 price target on the latter's shares.
HALO Halozyme
$13.18

0.12 (0.92%)

04/17/17
BMOC
04/17/17
INITIATION
Target $14
BMOC
Market Perform
Halozyme initiated with a Market Perform at BMO Capital
BMO Capital initiated Halozyme with a Market Perform and a $714 price target.
03/30/17
DBAB
03/30/17
NO CHANGE
Target $17
DBAB
Buy
Halozyme price target raised to $17 from $15 at Deutsche Bank
Deutsche Bank analyst Andrew Peters raised his price target for Halozyme to $17 saying the positive, "unanimous and uncontroversial" FDA Advisory Committee meeting for Rituxan-SC highlights the "strong potential" for the broader Enhanze platform. The analyst reiterates a Buy rating on the shares.
01/06/17
SBSH
01/06/17
DOWNGRADE
Target $14
SBSH
Neutral
Halozyme downgraded to Neutral from Buy at Citi
Citi analyst Joel Beatty downgraded Halozyme Therapeutics to Neutral saying the "mixed" Phase 2 pancreatic cancer data for PEGPH20 suggested the market opportunity is smaller than previously thought. The analyst believes the shares are now fairly valued. He keeps a $14 price target for the name.
01/05/17
PIPR
01/05/17
NO CHANGE
Target $20
PIPR
Overweight
Halozyme price target raised to $20 after pancreas cancer data at Piper Jaffray
Piper Jaffray analyst Charles Duncan raised his price target on Halozyme to $20 from $18, saying the company's "encouraging" Phase 2 data for its pancreas cancer combination treatment reduce the risk to the ongoing Phase 3 program for the combo. Duncan keeps an Overweight rating on Halozyme.

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