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CELG

Celgene

$86.27

-0.32 (-0.37%)

, BMY

Bristol-Myers

$50.15

0.55 (1.11%)

08:43
01/22/19
01/22
08:43
01/22/19
08:43

Jefferies does not see possible Bristol-Myers suitor thwarting Celgene deal

Jefferies analyst Michael Yee says that while shares of Bristol-Myers Squibb (BMY) have rallied over the past two weeks, Celgene (CELG) shares are roughly flat, putting the deal spread back to 18%-20%. Celgene has been flat as investors are unsure what will happen with some near-term event volatility, including the inter partes review decision on patents related to methods of use and dosing for Revlimid and the Bristol shareholder vote in the summer, Yee tells investors in a research note. The analyst, however, sees a suitor emerging for Bristol-Myers as the biggest risk to the Celegene buyout. But he does not see an unsolicited suitor coming in to thwart the $74B deal for Celgene. As such, he believes current share levels provide investors an attractive 18%-20% return over the near- to mid-term. Yee keeps a Buy rating on Celgene with a $95 price target.

CELG

Celgene

$86.27

-0.32 (-0.37%)

BMY

Bristol-Myers

$50.15

0.55 (1.11%)

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CELG Celgene
$86.27

-0.32 (-0.37%)

01/15/19
01/15/19
UPGRADE
Target $60

Buy
Societe General applauds Bristol-Myers' 'bold' deal, double upgrades to Buy
As previously reported, Societe Generale analyst Justin Smith double upgraded Bristol-Myers (BMY) to Buy from Sell as he believes investors' concerns about how the acquisition of Celgene (CELG) could weaken its long-term growth profile are adequately discounted at the stock's current levels. He also applauds management for making "such a bold strategic move," contending that improved cash flow and a higher R&D budget for the combined company should help it navigate past medium-term patent expirations while simultaneously growing the dividend. He assigns an 80% probability of the acquisition closing, but "cannot dismiss the risk of counter-bids on either side of this deal," Smith added. He raised his price target on Bristol-Myers shares to $60 from $47.
01/04/19
01/04/19
DOWNGRADE

Outperform
BeiGene downgraded to Outperform at CLSA as Celgene goes 'from friend to foe'
As previously reported, CLSA analyst David Li downgraded BeiGene to Outperform from Buy following the news yesterday of Bristol-Myers' (BMY) proposed acquisition of Celgene (CELG) in a note titled "From friend to foe." He thinks Celgene is unlikely to continue to cooperate with BeiGene on its PD-1 after the deal goes through and also worries about the three commercialized products licensed from Celgene and about the company selling out of its BeiGene stake, he tells investors. He lowered his price target on BeiGene shares to HK$89.86 from HK$121.34.
01/04/19
BARD
01/04/19
UPGRADE
Target $92
BARD
Outperform
Baird upgrades Celgene to Outperform, says deal discount looks high
As reported previously, Baird analyst Brian Skorney upgraded Celgene (CELG) to Outperform from Neutral. The analyst believes the current price discount to the Bristol-Myers (BMY) deal price does not makes sense based on the probability of the deal closing in the high $90's. He attributes a 35-40% probability of the deal falling through, but he is more bullish on the deal as management is now shown to be willing sellers. Skorney has a $92 price target on Celgene shares, which are up about 2% in pre-market trading to $82 per share.
01/04/19
WELS
01/04/19
NO CHANGE
Target $84
WELS
Market Perform
Celgene price target cut to $84 from $90 at Wells Fargo
Wells Fargo analyst Jim Birchenough maintained a Market Perform rating on Celgene (CELG) but cut his price target to $84 following yesterday's proposed acquisition by Bristol-Myers (BMY). In a research note to investors, Birchenough says he continues to see fundamental risk to both Celgene value and deal closing with poor visibility on long-term growth for the combined company and risk to ongoing Revlimid patent litigation. With the debate on Revlimid generic timing and impact likely to remain on overhang, the analyst believes that the proposed acquisition gives greater leverage to generics, reduces the likelihood of a reasonable settlement and complicates any settlement process.
BMY Bristol-Myers
$50.15

0.55 (1.11%)

01/15/19
SOCG
01/15/19
UPGRADE
SOCG
Buy
Bristol-Myers upgraded to Buy from Sell at Societe Generale
01/04/19
EDJN
01/04/19
DOWNGRADE
EDJN
Hold
Bristol-Myers downgraded to Hold from Buy at Edward Jones

TODAY'S FREE FLY STORIES

ESTA

Establishment Labs

$27.90

0.09 (0.32%)

16:04
03/20/19
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16:04
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16:04
Earnings
Establishment Labs reports Q4 EPS (52c), consensus (36c) »

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CNI

Canadian National

$87.09

-0.32 (-0.37%)

16:03
03/20/19
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16:03
Hot Stocks
Canadian National investing approximately $345M into B.C.'s rail infrastructure »

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MU

Micron

$40.17

-0.21 (-0.52%)

16:02
03/20/19
03/20
16:02
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16:02
Earnings
Micron reports Q2 EPS $1.71, consensus $1.67 »

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CBMG

Cellular Biomedicine

$18.34

0.46 (2.57%)

16:02
03/20/19
03/20
16:02
03/20/19
16:02
Syndicate
Cellular Biomedicine files to sell common stock, no amount given »

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WMT

Walmart

$98.65

-1.24 (-1.24%)

, AMZN

Amazon.com

$1,790.05

27.6 (1.57%)

15:56
03/20/19
03/20
15:56
03/20/19
15:56
Periodicals
Walmart's Chief Technology Officer leaving company, Reuters reports »

Walmart (WMT) Chief…

WMT

Walmart

$98.65

-1.24 (-1.24%)

AMZN

Amazon.com

$1,790.05

27.6 (1.57%)

03/08/13
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SCHW

Charles Schwab

$44.70

-1.05 (-2.30%)

15:55
03/20/19
03/20
15:55
03/20/19
15:55
Options
Charles Schwab put volume heavy and directionally bearish »

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15:55
03/20/19
03/20
15:55
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15:55
Conference/Events
William Blair healthcare/biotech analysts to hold a dinner meeting »

Analysts meet with…

APTO

Aptose Biosciences

$2.29

0.15 (7.01%)

15:54
03/20/19
03/20
15:54
03/20/19
15:54
Conference/Events
Aptose Biosciences management to meet with Oppenheimer »

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JOUT

Johnson Outdoors

$69.11

-0.54 (-0.78%)

15:51
03/20/19
03/20
15:51
03/20/19
15:51
Conference/Events
Johnson Outdoors management to meet with Oppenheimer »

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FB

Facebook

$165.22

3.63 (2.25%)

, SPOT

Spotify

$144.16

2.565 (1.81%)

15:51
03/20/19
03/20
15:51
03/20/19
15:51
On The Fly
#SocialStocks: Facebook downgraded to cap rough week »

Welcome to…

FB

Facebook

$165.22

3.63 (2.25%)

SPOT

Spotify

$144.16

2.565 (1.81%)

AAPL

Apple

$188.13

1.56 (0.84%)

SNAP

Snap

$10.93

0.3 (2.82%)

03/08/13
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WTW

WW

$19.50

-0.34 (-1.71%)

15:50
03/20/19
03/20
15:50
03/20/19
15:50
Conference/Events
WW management to meet with Oppenheimer »

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WMT

Walmart

$98.64

-1.25 (-1.25%)

15:49
03/20/19
03/20
15:49
03/20/19
15:49
Periodicals
Breaking Periodicals news story on Walmart »

Walmart CTO leaving…

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WIFI

Boingo Wireless

$20.68

-0.25 (-1.19%)

15:41
03/20/19
03/20
15:41
03/20/19
15:41
Conference/Events
Boingo Wireless management to meet with Oppenheimer »

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C

Citi

$65.04

-0.59 (-0.90%)

15:40
03/20/19
03/20
15:40
03/20/19
15:40
Periodicals
Citi plans to sell Venezuelan gold placed as collateral, Reuters says »

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EVER

EverQuote

$7.70

(0.00%)

15:40
03/20/19
03/20
15:40
03/20/19
15:40
Conference/Events
EverQuote management to meet with Oppenheimer »

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CASY

Casey's General Stores

$127.10

0.55 (0.43%)

15:40
03/20/19
03/20
15:40
03/20/19
15:40
Options
Call spreads and put spreads in Caseys General Stores »

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LRAD

LRAD Corporation

$2.82

-0.03 (-1.05%)

15:39
03/20/19
03/20
15:39
03/20/19
15:39
Conference/Events
LRAD Corporation management to meet with Oppenheimer »

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KAMN

Kaman

$57.82

0.325 (0.57%)

15:38
03/20/19
03/20
15:38
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15:38
Periodicals
Kaman exploring sale of distribution segment, Bloomberg says »

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  • 17

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PVTL

Pivotal Software

$19.94

-0.02 (-0.10%)

15:36
03/20/19
03/20
15:36
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15:36
Options
Calls lead puts 25:1 in Pivotal Software »

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SYX

Systemax

$21.53

0.23 (1.08%)

15:35
03/20/19
03/20
15:35
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15:35
Conference/Events
Systemax management to meet with Sidoti »

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WSM

Williams-Sonoma

$57.40

0.61 (1.07%)

15:34
03/20/19
03/20
15:34
03/20/19
15:34
Options
Williams Sonoma options imply 10.5% move in share price post-earnings, above median historical move »

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SCS

Steelcase

$15.43

-2.055 (-11.75%)

15:34
03/20/19
03/20
15:34
03/20/19
15:34
Conference/Events
Steelcase management to meet with Sidoti »

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15:30
03/20/19
03/20
15:30
03/20/19
15:30
General news
Powell on the maturity distribution of the portfolio: »

Powell on the maturity…

VLKAY

Volkswagen

$0.00

(0.00%)

15:25
03/20/19
03/20
15:25
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15:25
Periodicals
Volkswagen management not yet aligned on restructuring plans, Reuters says »

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15:20
03/20/19
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15:20
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15:20
General news
Powell on the balance sheet: »

Powell on the balance…

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