Wednesday, 19 June, 2019

Pharma giant BMS to acquire Celgene for US$74b

Logo of global biopharmaceutical company Bristol Myers Squibb Bristol-Myers Squibb buying Celgene in $74B cash-and-stock deal
Samantha Long | 05 January, 2019, 22:28

Under terms of the deal, shareholders of Celgene Corp., based in Summit, New Jersey, will receive one share of Bristol-Myers Squibb plus $50 in cash for each share they own. The stock traded as low as $44.30 and last traded at $45.04, with a volume of 55190200 shares trading hands.

BMY has been the topic of several research reports.

On February, 4 Bristol-Myers Squibb Company (NYSE:BMY)'s earnings report is anticipated by WallStreet, RTT reports.

The transaction would "enhance" the duo's dominant position in the field of cancer treatments and immunology and inflammation, Bristol-Myers boss Giovanni Caforio said. They issued a "neutral" rating on the stock. Investors will be looking for direction from the company about its growth prospects for the future, said Tim Anderson, a New York-based analyst for Wolfe Research.

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BMO Capital Markets analyst Alex Arfaei said the deal addresses a priority for Bristol to diversify from its Opdivo and Yervoy cancer immunotherapies, calling the acquisition opportunistic but expensive. The stock now has a consensus rating of "Hold" and a consensus price target of $61.56. The Average True Range for this company's stock is now 1.43, and its current Beta is sitting at 0.96. The company has a current ratio of 1.53, a quick ratio of 1.40 and a debt-to-equity ratio of 0.41. That is 23.53 % up compareed to $0.68 EPS for a year ago. On Tuesday, November 27 Guggenheim maintained Bristol-Myers Squibb Company (NYSE:BMY) with "Hold" rating. On average, these analysts now have a Moderate Buy recommendation with a mean rating of 3.91.

The company is yet to disclose his 2018 compensation. This represents a $1.64 annualized dividend and a dividend yield of 3.63%. On Monday, October 22 Citigroup downgraded Bristol-Myers Squibb Company (NYSE:BMY) to "Neutral" rating.

Bristol-Myers's top two selling drugs previous year globally were Opdivo and blood clot drug Eliquis, which together accounted for almost half the company's 2017 revenues of $20.8 billion. Both Bristol-Myers and Celgene experienced falls in share prices in 2018, with drops of 15.2% and 40% respectively. Beech Hill Advisors Inc. increased its holdings in Bristol-Myers Squibb by 0.8% during the third quarter. Finally, Securian Asset Management Inc increased its holdings in Bristol-Myers Squibb by 0.5% during the second quarter. Hedge funds and other institutional investors own 72.78% of the company's stock.

Now let's take a look at what's on the horizon: for the financial results of the current quarter, So far - there have been 6 different Wall Street analysts that have provided investors with their professional projections for Bristol-Myers Squibb Company For net profit, these analysts are collectively forecasting an average estimate of $0.84 per share, versus the $0.68 per share reported in the year-ago quarter. The company offers drugs in various therapeutic areas, such as oncology; cardiovascular; immunoscience; and virology, including human immunodeficiency virus (HIV) infection.

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