European Medicines Agency Validates Bristol Myers Squibb’s Applications for Idecabtagene Vicleucel (Ide-cel, bb2121) and CC-486

Bristol Myers Squibb strengthened its oncology lineup thanks to its acquisition of Celgene, but how well will the pharma giant perform moving forward?

Biopharma companies are among the most resilient among sectors during the coronavirus pandemic, and one large-cap biopharma has a slew of products in its pipeline that have blockbuster potential, according to BofA Securities. Brace For Bristol-Myers' 'Big 7'Bristol-Myers Squibb Co's (NYSE: BMY) new product cycle consists of seven products across various higher-profile markets like hematology/oncology and immunology and inflammation, or I&I, analyst Geoff Meacham said in a recent note.Following the Celgene deal, Bristol-Myers has one of the best portfolios across the biopharma industry, the analyst said.BofA is cognizant of the loss of exclusivity related to Bristol-Myers' blood cancer drug Revlimid, which is expected to go off patent in 2022/2023. Yet investors aren't fully appreciating the upside potential from the portfolio, Meacham said. "We think the 'Big 7' new product cycle could exceed Revlimid's $12B franchise, and collectively we see potential for >$15B in peak sales." Most of the company's assets are already derisked and have an opportunity for a meaningful inflection point heading into near-term commercial launches, the analyst said. BofA highlighted the following seven pipeline assets: Inberic * Generic name: fedratinib * Drug Type: selective oral JAK2 inhibitor * Status: Approved in 2019; initial launch underway * Indication(s): treatment option for myelofibrosis patients who relapsed or are intolerant to Incyte Corporation's (NASDAQ: INCY) Jakafi * BofA's Peak Potential Estimate: About $750 millionSee also: The Daily Biotech Pulse: Mixed Filgotinib Readout For Gilead-Galapagos, Akorn To File For Chapter 11, D-Day For Aquestive Rebloyzl * Generic name: luspatercept * Drug Type: erythroid maturation agent * Status: initially approved in November 2019 * Indication(s): treatment of anemia in adults with beta thalassemia and also anemia in adults with lower risk myelodysplastic syndrome * BofA's Peak Potential Estimate: over $2 billion in both indicationsZeposia * Generic name: ozanimod * Drug Type: oral S1P-r modulator * Status: approved in March 2020 for multiple sclerosis; launch scheduled for June 1 * Indication(s): Apart from multiple sclerosis, it is being evaluated in late-stage studies for ulcerative colitis * BofA's Peak Potential Estimate: $3.5 billion for both indicationsJCAR017 * Generic name: liso-cel * Drug Type: lead chimeric antigen receptor T-cell product candidate * Status: in review, with a PDUFA date of mid-November * Indication(s): diffuse large B-cell lymphoma * BofA's Peak Potential Estimate: $2.5 billion for both indicationsbb2121 * Generic name: ide-cel * Drug Type: BCMA-targeted CAR-T therapy developed along with bluebird bio Inc (NASDAQ: BLUE) Status: received a refuse-to-file letter from the FDA; refiling expected by July 2020 and approval likely in the first half of 2021 * Indication(s): relapsed/refractory multiple myeloma * BofA's Peak Potential Estimate: over $2.5 billionCC-486 * Generic name: CC-486 * Drug Type: oral hypomethylating agent/oral formulation of Vidaza * Status: PDUFA date of early September * Indication(s): first-line acute myeloid leukemia * BofA's Peak Potential Estimate: $1.5 billionTYKT * Generic name: BMS-'165 * Drug Type: oral TYK2 or tyrosine kinase 2 inhibitor * Status: registrational data expected by year-end and potential filing by the first half of 2021 Indication(s): evaluated in various I&I indications, with a lead phase 3 program in psoriasis being the major value driver * BofA's Peak Potential Estimate: $2.5 billionBristol-Myers Rating & Price Target BofA rates Bristol-Myers a Buy and $80 price target, suggesting roughly 30% upside from current levels.BMY Price Action At last check, Bristol-Myers shares were slipping by 0.58% to $59.98. Related Link: AstraZeneca Receives Over B In BARDA Funding For Coronavirus Vaccine Latest Ratings for BMY DateFirmActionFromTo May 2020CFRAMaintainsBuy Apr 2020B of A SecuritiesMaintainsBuy Mar 2020Societe GeneraleDowngradesBuyHold View More Analyst Ratings for BMY View the Latest Analyst Ratings See more from Benzinga * The Daily Biotech Pulse: Cumberland's Positive Anti-Bacterial Readout, FDA Nods For Bristol-Myers, Astellas * AbbVie's Potential Is 'Underappreciated,' Says Morgan Stanley Analyst * The Daily Biotech Pulse: Gilead Signs Manufacturing Deal For Remdesivir, Bristol-Myers Gets Refuse-To-File Letter(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

NEW YORK, May 27, 2020 -- Pomerantz LLP is investigating claims on behalf of investors of Bristol-Myers Squibb Company (“Bristol-Myers” or the “Company”) (NYSE: BMY.RT). Such.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Bluebird Bio (BLUE) priced an offering of 9.09 million shares of its common stock at $55 each, the company said late on Monday.The gene therapy company, which expects the offering to close on May 21, seeks to raise gross proceeds of about $500 million from the sale. Shares in Bluebird were down 0.2% at $57 in Tuesday’s pre-market trading in the U.S. after plunging 34% year-to-date.Bluebird is also giving the underwriters a 30-day option to buy up to an additional 1.36 million shares in common stock. Goldman Sachs, BofA Securities and Cowen are acting as joint book-running managers of the offering.Last week, Bluebird announced that its partner Bristol-Myers Squibb Co. (BMY) will pay the company $200 million to buy out future royalty obligations of its two jointly developed cancer therapies ide-cel and bb21217.Five-star analyst Mark Breidenbach at Oppenheimer, maintained a Buy rating on the stock with a $111 price target, after meeting with Bluebird’s management.“FDA approval of ide-cel remains a top priority for both Bluebird and its partner Bristol-Myers Squibb, especially given BMY’s investment in trials aimed at future label expansions,” Breidenbach wrote in a note to investors. “We believe bb2121 has potential for rapid development in r/r MM, and we project its commercial approval in 2021.”Overall, Wall Street analysts are cautiously optimistic on the company’s stock. Out of 13 analysts, 10 have Buy ratings and 3 have issued Hold ratings adding up to a Moderate Buy consensus. The $99.73 average price target provides investors with 75% upside potential should the target be met in the next 12 months. (See Bluebird stock analysis on TipRanks)Related News: Bristol Myers to Pay Bluebird $200 Million in Royalties For Cancer Drugs Novavax Seeks To Raise $250 Million From Share Sale; Top Analyst Bumps Up PT AstraZeneca, Daiichi Get FDA Breakthrough Status For Gastro Cancer Drug More recent articles from Smarter Analyst: * Autodesk Earnings: Here’s What To Expect Today * Tilray To Shut Ontario Cannabis Greenhouse In Money-Saving Move * Here’s Why Roku Stock Will Stay Afloat * Is CymaBay’s Seladelpar Back in the Saddle? 5-Star Analyst Weighs In

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