Bristol-Myers Downgraded, Credit Suisse Lowers Price Target

Analysts with Credit Suisse are downgrading Bristol-Myers Squibb  (BMY) - Get Report to NEUTRAL from OUTPERFORM and lowered their price target to $63 from $86 following the latest announcement on Opdivo. The drug's checkpoint inhibitor failed to meet the primary endpoint in a critical phase III study. The analysts said in a research note Monday that these results dramatically impact the way they see the immune-oncology market evolving. But the firm upgraded Merck (MRK) - Get Report to OUTPERFORM from NEUTRAL and raised the stock's target price to $73 from $62. Credit Suisse says it sees opportunity for its Keytruda drug to be a dominant mover into the non-small cell lung cancer setting.

Employees of TheStreet are restricted from trading individual securities.