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BMY

Bristol-Myers

$45.84

-6.185 (-11.89%)

11:20
01/03/19
01/03
11:20
01/03/19
11:20

Bearish spread in Bristol Myers as shares slide on the deal news

Bearish spread in Bristol Myers as shares slide on the deal news. The stock down 12.8% to 52-week lows of $45.34 after the company announced plans to acquire Celgene (CELG). Shares under fire and one player buys 9K Jun 34 -44 put spreads for $3, to open. The vertical expresses concerns about additional losses in shares, as the max payout from this options play is on a move to $34, or a 25% dive from current levels. 22.4K Jun 44 puts and 16.1K Jun 34 puts trade total.

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BMY Bristol-Myers
$45.84

-6.185 (-11.89%)

01/03/19
BARD
01/03/19
NO CHANGE
Target $92
BARD
Neutral
Baird calls Bristol-Myers buyout a 'very good deal' for Celgene
While admitting he was surprised as anyone to the news, Baird analyst Brian Skorney views the buyout by Bristol-Myers Squibb (BMY) as a "very good deal" for Celgene (CELG). The deal's success hinges on the outcome of Revlimid patent litigation, but for Celgene shareholders today, "its a big win," Skorney tells investors in a research note titled "Mega Mergers Are Back?" All told, the deal could be worth over $95 per share for Celgene, the analyst points out. With a contingent value right of $9.00 due in 2021, the analyst thinks the probability adjusted net present value of the CVR is around $5 to $6 per share. Skorney has a Neutral rating on Celgene with a $92 price target.
01/03/19
PIPR
01/03/19
NO CHANGE
PIPR
Piper sees Alexion, Biogen as potential targets after Celgene buyout
Piper Jaffray analyst Christopher Raymond remains "bullish on biotech" in the wake the announced acquisition of Celgene (CELG) by Bristol-Myers Squibb (BMY) for $74B in cash and stock, representing a 54% premium from yesterday's close. In a research note titled "Bristol for CELG - In Retrospect, it Makes Perfect Sense," Raymond says the market is likely to ask "who's next?" Among large-caps, Alexion Pharmaceuticals (ALXN) and Biogen (BIIB) would seem to make sense as potential targets, as well as BioMarin (BMRN), Raymond writes. And while any smid cap could likely be seen as a take-out candidate, Aimmune Therapeutics (AIMT), Deciphera Pharmaceuticals (DCPH) and Rigel Pharmaceuticals (RIGL) "in particular could make sense to any strategic buyer," adds the analyst.
01/03/19
PIPR
01/03/19
NO CHANGE
Target $23
PIPR
Overweight
Bristol acquisition of Celgene a positive for Fate, says Piper Jaffray
Piper Jaffray analyst Edward Tenthoff believes Bristol-Myers Squibb's (BMY) agreement to acquire Celgene (CELG) is in part driven by the long-term potential of cellular therapies to treat cancer. The analyst sees the deal announced this morning as a positive for Fate Therapeutics (FATE), which he notes is developing a pipeline of allogeneic and induced pluripotent stem cell natural killer and T-cell therapies. Fate is a potential acquisition target for its "rich cell therapy pipeline and platform," Tenthoff tells investors in a research note. Fate remains a top pick for Piper in 2019 and the analyst reiterates an Overweight rating on the shares with a $23 price target.
12/11/18
GABE
12/11/18
NO CHANGE
GABE
Buy
Gabelli sees Clovis as likely takeout target, top biotech pick in 2019
Gabelli analyst Jing He highlights Clovis (CLVS) as his top biotech pick in 2019. With the Tesaro (TSRO) acquisition by GlaxoSmithKline (GSK), Clovis will become the only standalone PARP, which the analyst believes makes it the most likely takeout target in 2019. He continues to believe Bristol-Myers (BMY), Sanofi (SNY) and Roche (RHHBY) to be the most interested buyers. The analyst reiterates a Buy rating on Clovis' shares.

TODAY'S FREE FLY STORIES

ESYJY

easyJet

$0.00

(0.00%)

20:35
11/19/19
11/19
20:35
11/19/19
20:35
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easyJet initiated at Goldman Sachs »

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MSEX

Middlesex Water

$62.07

1.5 (2.48%)

20:31
11/19/19
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20:31
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20:31
Syndicate
Middlesex Water 661K share Spot Secondary priced at $60.50 »

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DLAKY

Lufthansa

$0.00

(0.00%)

20:29
11/19/19
11/19
20:29
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20:29
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Lufthansa initiated at Goldman Sachs »

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TGT

Target

$110.86

0.27 (0.24%)

, LOW

Lowe's

$113.41

-1.62 (-1.41%)

20:25
11/19/19
11/19
20:25
11/19/19
20:25
Earnings
Notable companies reporting before tomorrow's open »

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TGT

Target

$110.86

0.27 (0.24%)

LOW

Lowe's

$113.41

-1.62 (-1.41%)

NTES

NetEase

$288.77

-1.33 (-0.46%)

CPRT

Copart

$86.33

0.32 (0.37%)

LB

L Brands

$17.19

-0.67 (-3.75%)

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ICAGY

IAG

$0.00

(0.00%)

20:23
11/19/19
11/19
20:23
11/19/19
20:23
Initiation
IAG initiated at Goldman Sachs »

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RYAAY

Ryanair

$86.27

0.52 (0.61%)

20:20
11/19/19
11/19
20:20
11/19/19
20:20
Initiation
Ryanair initiated at Goldman Sachs »

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LXFR

Luxfer

$17.57

0.16 (0.92%)

20:11
11/19/19
11/19
20:11
11/19/19
20:11
Initiation
Luxfer initiated at B. Riley FBR »

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VAL

Valaris

$3.69

-0.515 (-12.26%)

20:09
11/19/19
11/19
20:09
11/19/19
20:09
Initiation
Valaris initiated at Deutsche Bank »

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RIG

Transocean

$4.66

-0.16 (-3.32%)

20:03
11/19/19
11/19
20:03
11/19/19
20:03
Initiation
Transocean initiated at Deutsche Bank »

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FTI

TechnipFMC

$19.29

-0.24 (-1.23%)

19:58
11/19/19
11/19
19:58
11/19/19
19:58
Initiation
TechnipFMC initiated at Deutsche Bank »

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SLB

Schlumberger

$34.31

-0.36 (-1.04%)

19:53
11/19/19
11/19
19:53
11/19/19
19:53
Initiation
Schlumberger initiated at Deutsche Bank »

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PTEN

Patterson-UTI

$8.49

-0.095 (-1.11%)

19:45
11/19/19
11/19
19:45
11/19/19
19:45
Initiation
Patterson-UTI initiated at Deutsche Bank »

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SAFE

Safehold

$34.59

-1.33 (-3.70%)

19:38
11/19/19
11/19
19:38
11/19/19
19:38
Syndicate
Safehold 3M share Secondary priced at $34.00 »

The deal size was…

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HP

Helmerich & Payne

$38.39

-0.45 (-1.16%)

19:36
11/19/19
11/19
19:36
11/19/19
19:36
Initiation
Helmerich & Payne initiated at Deutsche Bank »

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HAL

Halliburton

$19.89

-0.26 (-1.29%)

19:31
11/19/19
11/19
19:31
11/19/19
19:31
Initiation
Halliburton initiated at Deutsche Bank »

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BKR

Baker Hughes

$22.01

-0.155 (-0.70%)

19:24
11/19/19
11/19
19:24
11/19/19
19:24
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Baker Hughes initiated at Deutsche Bank »

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PHAT

Phathom Pharmaceuticals

$24.79

-0.09 (-0.36%)

19:23
11/19/19
11/19
19:23
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19:23
Initiation
Phathom Pharmaceuticals initiated at Evercore ISI »

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SHW

Sherwin-Williams

$584.48

-1.13 (-0.19%)

19:20
11/19/19
11/19
19:20
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19:20
Downgrade
Sherwin-Williams rating change at Edward Jones »

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SPY

SPDR S&P 500 ETF Trust

$311.95

-0.06 (-0.02%)

, SPX

S&P 500

$0.00

(0.00%)

19:17
11/19/19
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19:17
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19:17
Periodicals
Commerce Sec Ross says China trade talks still work in progress, Bloomberg says »

U.S. Commerce Secretary…

SPY

SPDR S&P 500 ETF Trust

$311.95

-0.06 (-0.02%)

SPX

S&P 500

$0.00

(0.00%)

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BRY

Berry Petroleum

$8.90

-2.405 (-21.27%)

19:10
11/19/19
11/19
19:10
11/19/19
19:10
Downgrade
Berry Petroleum rating change at KeyBanc »

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NYMT

New York Mortgage

$6.25

0.015 (0.24%)

19:05
11/19/19
11/19
19:05
11/19/19
19:05
Syndicate
New York Mortgage 25M share Spot Secondary priced at $6.10 »

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LNG

Cheniere Energy

$59.77

-0.69 (-1.14%)

19:01
11/19/19
11/19
19:01
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19:01
Hot Stocks
Cheniere Energy CEO buys 8.4K shares of common stock »

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  • 04

    Dec

SQ

Square

$66.43

0.68 (1.03%)

18:57
11/19/19
11/19
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Square CFO: Our mission is economic empowerment »

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AVID

Avid Technology

$7.74

0.15 (1.98%)

, DL

China Distance Education

$7.15

0.05 (0.70%)

18:56
11/19/19
11/19
18:56
11/19/19
18:56
Hot Stocks
Fly Intel: After Hours Movers »

UP AFTER EARNINGS: Avid…

AVID

Avid Technology

$7.74

0.15 (1.98%)

DL

China Distance Education

$7.15

0.05 (0.70%)

ESE

Esco Technologies

$86.71

1.94 (2.29%)

BCRX

BioCryst

$2.03

0.33 (19.41%)

CTMX

CytomX Therapeutics

$5.15

-0.03 (-0.58%)

ENDP

Endo

$4.44

-0.02 (-0.45%)

AVYA

Avaya

$12.11

-0.22 (-1.78%)

BKR

Baker Hughes

$22.01

-0.155 (-0.70%)

URBN

Urban Outfitters

$28.73

-1.43 (-4.74%)

ALC

Alcon

$59.00

0.105 (0.18%)

ORGO

Organogenesis

$8.01

0.02 (0.25%)

AMRN

Amarin

$22.74

0.11 (0.49%)

CRSP

Crispr Therapeutics

$68.46

9.94 (16.99%)

MGP

MGM Growth

$32.46

-0.39 (-1.19%)

RIG

Transocean

$4.66

-0.16 (-3.32%)

NYMT

New York Mortgage

$6.25

0.015 (0.24%)

MSEX

Middlesex Water

$62.07

1.5 (2.48%)

03/08/13
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03/06/13
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03/06/13
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    Nov

NVDA

Nvidia

$207.90

-4.36 (-2.05%)

, MLNX

Mellanox

$114.40

0.245 (0.21%)

18:47
11/19/19
11/19
18:47
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18:47
Hot Stocks
Nvidia CEO: We're at the beginning of the artificial intelligence revolution »

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NVDA

Nvidia

$207.90

-4.36 (-2.05%)

MLNX

Mellanox

$114.40

0.245 (0.21%)

03/08/13
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