J.P. Morgan Provides Color on Bristol Myers Squibb and Pfizer

J.P. Morgan provided color on Bristol Myers Squibb BMY and Pfizer PFE. In a research report published today, J.P. Morgan commented on the companies' new drugs. J.P. Morgan is more impressed by Pfizer at the moment. In the report, J.P. Morgan states on BMY's Yervoy, "meaningful advance in melanoma; however maintenance and 10mg not near-term opportunities. Following the first-line data presented yesterday, we continue to believe that Yervoy represents a $1bn+ opportunity; however, the data in our view also removes the near-term upside case from both higher dose (and thus price per patient) and maintenance use." In the same report, J.P. Morgan comments on Pfizer's crizotinib, "Longer term data from PFE's original phase I/II crizotinib study was presented as well as initial data from the Profile 1005 phase II study, and we remain particularly encouraged by high response rates with the product. While there are a variety of ways to evaluate the data, we would particularly focus on the compelling improvement in 2-year survival rate with crizotinib as 2nd/3rd line therapy relative to historic controls (55% survival at 2 years vs. 12% historic control) and view these updates as supporting our $1bn+ sales forecast for the product." At the moment, J.P. Morgan has a Neutral rating and a price target of $32 on Bristol Myers. At the same time, J.P. Morgan has an Overweight rating and a price target on $23 placed on Pfizer's stock. On Monday, Bristol lost 0.04% to close the day at $27.97. Its shares regained all of yesterday's losses in today's pre-market trading, however, rising 0.5% to $28.11. At the same time, Pfizer lost 0.48% of its value on Monday to end the day at $20.74. Its shares continued to slide in today's pre-market trading as well, falling 0.19% to $20.70.