Deutsche Bank Updates On BMY Yervoy Approval

Deutsche Bank has released an update on Bristol-Myers Squibb

following the FDA Approval of Yervoy. According to Deutsche Bank, "FDA approval for Yervoy was expected, including severe labeling for potential irAEs, REMS for HC professionals and a patient medication guide. However, relative to our base case assumptions, the FDA did not specifically indicate Yervoy for 2nd line use (though significant front line use was expected anyway), and more importantly, pricing for a full 4-infusion course of induction therapy was set at $120K, well above the DB/consensus estimate of $50K- $60K." BMY has a Buy Rating and a $31.50 Price Target. BMY closed at $27.29 on Friday.