Goldman Sachs Says Buy Bristol-Myers Squibb Company (BMY)

Goldman Sachs says to buy Bristol-Myers Squibb Company BMY ahead of the release of ipi PDUFA. Goldman has a $30 price target on shares. In a note to clients, Goldman writes, "We expect an on time FDA approval for ipi (renamed Yervoy) on its March 26 PDUFA for advanced melanoma in patient who have had prior therapy with REMS (second line) due to compelling data from study 020 and unmet medical need. There is a chance that the FDA will approve for a broader label, given a lack of alternatives and a desperate young patient population (as well as positive front-line data). This is the only melanoma study to date that has improved patient survival, with the key advantage of ipi's long tail and durability of response. Some physicians with whom we spoke to believe that a small % of patients may actually be cured. If FDA issues a CRL, which we view as unlikely, we would expect a 90 day delay as the agency may chose to review study 024." Shares of BMY are up 19 cents in pre-market trading to $26.62, a gain of 0.7%.