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Bristol-Myers, Calithera Team Up for Opdivo/CB-839 Combo
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Bristol-Myers Squibb Company (BMY - Free Report) announced a clinical trial collaboration with Calithera Biosciences, Inc. (CALA - Free Report) under which Bristol-Myers’ immuno-oncology drug Opdivo will be evaluated in combination with Calithera’s CB-839 in patients with clear-cell renal cell carcinoma (ccRCC).
Bristol-Myers’ share price has gained 3.4% in the past one month, outperforming the 2.2% gain witnessed by the Zacks classified Large-Cap Pharmaceuticals industry.
On the other hand, shares of Calithera jumped 19.7% on the news. The company’s share price has gained 7.3% in the past one month, while the Zacks classified Medical-Drugs industry witnessed a 1.4% fall.
We note that Opdivo is a PD-1 immune checkpoint inhibitor while CB-839 is an orally administered glutaminase inhibitor, currently in phase I/II studies. The goal is to evaluate the combination to target immune-suppressive cells in the tumor microenvironment, which could lead to improved outcomes for ccRCC patients.
The companies will move the combination into the phase II portion of the ongoing study, CX-839-004, in ccRCC patients.
We are positive on this deal. Opdivo is already approved in both the U.S. and the EU for various cancer indications. Bristol-Myers is collaborating with several other companies for the evaluation of Opdivo in combination with other regimens and is working on expanding the drug’s label further. In a separate press release, Bristol-Myers announced that the board of directors has appointed Giovanni Caforio as Chairman. Caforio will succeed Chairman Lamberto Andreotti, who has applied for retirement.
The change will be effective May 2, 2017, on the day of the company’s annual meeting with shareholders. Note that Caforio was the Chief Executive Officer of the company since May 2015, having served the company since Jun 2014.
Zacks Rank & Key Picks
Bristol-Myers currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Cambrex Corporation and Heska Corporation . Both Cambrex and Heska sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Heska’s earnings estimates improved 19.5% for 2016 and 10.9% for 2017 in the last 60 days. The company posted a positive earnings surprise in each of the four trailing quarters, with an average beat of 301.64%. Its share price has increased 84.9% year to date.
Cambrex’s earnings estimates increased 3.7% for 2016 and 5.2% for 2017 in the last 60 days. The company posted a positive earnings surprise in three of the four trailing quarters, with an average beat of 19.78%. Its share price is up 14.6% year to date.
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Bristol-Myers, Calithera Team Up for Opdivo/CB-839 Combo
Bristol-Myers Squibb Company (BMY - Free Report) announced a clinical trial collaboration with Calithera Biosciences, Inc. (CALA - Free Report) under which Bristol-Myers’ immuno-oncology drug Opdivo will be evaluated in combination with Calithera’s CB-839 in patients with clear-cell renal cell carcinoma (ccRCC).
Bristol-Myers’ share price has gained 3.4% in the past one month, outperforming the 2.2% gain witnessed by the Zacks classified Large-Cap Pharmaceuticals industry.
On the other hand, shares of Calithera jumped 19.7% on the news. The company’s share price has gained 7.3% in the past one month, while the Zacks classified Medical-Drugs industry witnessed a 1.4% fall.
We note that Opdivo is a PD-1 immune checkpoint inhibitor while CB-839 is an orally administered glutaminase inhibitor, currently in phase I/II studies. The goal is to evaluate the combination to target immune-suppressive cells in the tumor microenvironment, which could lead to improved outcomes for ccRCC patients.
The companies will move the combination into the phase II portion of the ongoing study, CX-839-004, in ccRCC patients.
We are positive on this deal. Opdivo is already approved in both the U.S. and the EU for various cancer indications. Bristol-Myers is collaborating with several other companies for the evaluation of Opdivo in combination with other regimens and is working on expanding the drug’s label further.
In a separate press release, Bristol-Myers announced that the board of directors has appointed Giovanni Caforio as Chairman. Caforio will succeed Chairman Lamberto Andreotti, who has applied for retirement.
The change will be effective May 2, 2017, on the day of the company’s annual meeting with shareholders. Note that Caforio was the Chief Executive Officer of the company since May 2015, having served the company since Jun 2014.
Zacks Rank & Key Picks
Bristol-Myers currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Cambrex Corporation and Heska Corporation . Both Cambrex and Heska sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Heska’s earnings estimates improved 19.5% for 2016 and 10.9% for 2017 in the last 60 days. The company posted a positive earnings surprise in each of the four trailing quarters, with an average beat of 301.64%. Its share price has increased 84.9% year to date.
Cambrex’s earnings estimates increased 3.7% for 2016 and 5.2% for 2017 in the last 60 days. The company posted a positive earnings surprise in three of the four trailing quarters, with an average beat of 19.78%. Its share price is up 14.6% year to date.
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Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>