J.P. Morgan Maintains Neutral on Bristol-Myers Squibb

J.P. Morgan is out with its report today on Bristol-Myers Squibb BMY, maintaining Neutral. In a note to clients, J.P. Morgan writes, "Bristol presented first-line Yervoy data in the Plenary Session at ASCO yesterday. While the results gave us little reason to further increase our Yervoy estimates (and as a result may be viewed as a modest disappointment by the Street), we continue to see Yervoy as representing a meaningful advance in the treatment of melanoma. Our expectation for a $1bn+ oppty for Yervoy, which assumes no pricing upside from current levels based on dose and 4 infusions per patient (ie no maintenance). We are maintaining our Neutral rating on BMY shares." J.P. Morgan maintains a $32 PT on BMY. At the time of posting, shares of BMY were trading pre-market at $27.88, down 0.36% from Friday's close.