Health Care

Bristol-Myers Squibb buying Celgene in $74B deal

Bristol-Myers Squibb buying Celgene in $74B deal”

Other institutional investors and hedge funds have also recently modified their holdings of the company. Buying Celgene would also transform Bristol-Myers into a player in CAR-T cell therapy, which in theory could give the pharma a competitive advantage in exploring combination treatment in immuno-oncology.

The announcement follows a hard period for the two companies. Virtu Financial LLC's holdings in Bristol-Myers Squibb were worth $250,000 at the end of the most recent reporting period. CLS Investments LLC increased its position in shares of Bristol-Myers Squibb by 194.3% during the third quarter. Finally, LFA Lugano Financial Advisors SA increased its position in shares of Bristol-Myers Squibb by 85.8% during the third quarter. The stock increased 0.87% or $0.45 during the last trading session, reaching $52.43. The stock has a market cap of $84.84 billion, a PE ratio of 17.42, a P/E/G ratio of 1.45 and a beta of 0.97. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.53 and a quick ratio of 1.40. Bristol-Myers is the result of a 1989 merger of two companies that traced their roots back to the 19th century, and is the eighth largest United States drugmaker, with annual revenue of $20.8 billion in 2017. Pensionfund Dsm Netherlands owns 0.71% invested in Bristol-Myers Squibb Company (NYSE:BMY) for 65,000 shs. Nelson Roberts Ltd Liability stated it has 1.3% in Bristol-Myers Squibb Company (NYSE:BMY). Celgene is the ninth largest with revenue of $13 billion. As a group, analysts predict that Bristol-Myers Squibb Co will post 3.87 earnings per share for the current fiscal year. Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Invest Mngmt Corp holds 238,000 shares or 0.13% of its portfolio. The ex-dividend date is Thursday, January 3rd. Cadence Capital Mgmt Limited Liability has invested 0.68% of its portfolio in Bristol-Myers Squibb Company (NYSE:BMY).

Among 10 analysts covering Bristol-Myers Squibb (NYSE:BMY), 4 have Buy rating, 0 Sell and 6 Hold. Bristol-Myers Squibb has obtained fully committed debt financing from Morgan Stanley Senior Funding Inc and MUFG Bank.

Celgene Corporation, the global biotechnology company based in Summit that discovers, develops and commercializes medicines for cancer and inflammatory disorders, is set to be acquired by Bristol-Myers Squibb in a cash and stock deal valued at approximately $74 billion.

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. Guggenheim initiated coverage on Bristol-Myers Squibb in a research note on Monday, October 8th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company's stock.

Many value shareholders look for stocks with a high percentage of insider ownership, under the theory that when administration is shareholders, they will act in its own self-interest, and create shareholder value in the long-term. If you are viewing this news story on another website, it was illegally copied and republished in violation of USA & worldwide trademark & copyright laws. The correct version of this story can be read at https://pressoracle.com/news/2019/01/03/beaton-management-co-inc-trims-stake-in-bristol-myers-squibb-co-bmy.html.



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