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Bristol-Myers Squibb and CytomX Therapeutics Extend Deal
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Bristol-Myers Squibb Company (BMY - Free Report) and CytomX Therapeutics, Inc. (CTMX - Free Report) , announced an expansion of their 2014 strategic collaboration to discover novel therapies. The collaboration will include up to eight additional targets using CytomX’s proprietary Probody platform.
Bristol-Myers Squibb’s share price has decreased 3.5% year to date, while the Zacks classified Large Cap Pharmaceuticals industry gained 7%.
Per the agreement, CytomX will grant Bristol-Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to six additional oncology targets and two non-oncology targets. Bristol-Myers Squibb will make an upfront payment of $200 million to CytomX and, will also provide research funding over the course of the research term.
Additionally, CytomX will also be entitled to receive up to $448 million in future development, regulatory and sales milestone payments for each collaboration target, as well as tiered royalties from the mid-single digits to low-double digits on net sales of each product commercialized by Bristol-Myers Squibb. The shares of CytomX shot up about 25% following the news.
The original collaboration agreement signed in 2014 was inked to discover, develop and commercialize Probody therapeutics. Bristol-Myers Squibb selected four oncology targets, including CTLA-4. In the present deal, Bristol -Myers Squibb has advanced the CTLA-4 Probody therapeutic to Investigational New Drug-enabling studies and the three other programs are in the lead discovery and optimization phase.
While on one hand, the addition of CytomX’s Probody platform has expanded Bristol-Myers Squibb’s discovery research as the latter is looking to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors.
On the other hand, the deal gives CytomX the opportunity to expand its potentially transformational Probody technology and provides the company with additional financial and strategic flexibility.
Bristol-Myers Squibb is a Zacks Rank #3 (Hold) stock. Some other better-ranked stocks in the health care sector include Heska Corporation and Retrophin, Inc. . Heska and Retrophin carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Heska’s earnings estimates increased from $1.53 to $1.65 for 2017 and from $1.90 to $2.01 for 2018 over the last 30 days. The company posted a positive earnings surprise in all of the four trailing quarters with an average beat of 291.54%. Its share price increased 35% year to date.
Retrophin’s loss estimates narrowed from 85 cents to 72 cents for 2017 and from 67 cents to 53 cents for 2018 over the last 30 days. The company posted a positive earnings surprise in three of the four trailing quarters with an average beat of 80.55%.
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Bristol-Myers Squibb and CytomX Therapeutics Extend Deal
Bristol-Myers Squibb Company (BMY - Free Report) and CytomX Therapeutics, Inc. (CTMX - Free Report) , announced an expansion of their 2014 strategic collaboration to discover novel therapies. The collaboration will include up to eight additional targets using CytomX’s proprietary Probody platform.
Bristol-Myers Squibb’s share price has decreased 3.5% year to date, while the Zacks classified Large Cap Pharmaceuticals industry gained 7%.
Per the agreement, CytomX will grant Bristol-Myers Squibb exclusive worldwide rights to develop and commercialize Probody therapeutics for up to six additional oncology targets and two non-oncology targets. Bristol-Myers Squibb will make an upfront payment of $200 million to CytomX and, will also provide research funding over the course of the research term.
Additionally, CytomX will also be entitled to receive up to $448 million in future development, regulatory and sales milestone payments for each collaboration target, as well as tiered royalties from the mid-single digits to low-double digits on net sales of each product commercialized by Bristol-Myers Squibb. The shares of CytomX shot up about 25% following the news.
The original collaboration agreement signed in 2014 was inked to discover, develop and commercialize Probody therapeutics. Bristol-Myers Squibb selected four oncology targets, including CTLA-4. In the present deal, Bristol -Myers Squibb has advanced the CTLA-4 Probody therapeutic to Investigational New Drug-enabling studies and the three other programs are in the lead discovery and optimization phase.
While on one hand, the addition of CytomX’s Probody platform has expanded Bristol-Myers Squibb’s discovery research as the latter is looking to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors.
On the other hand, the deal gives CytomX the opportunity to expand its potentially transformational Probody technology and provides the company with additional financial and strategic flexibility.
Bristol-Myers Squibb Company Price
Bristol-Myers Squibb Company Price | Bristol-Myers Squibb Company Quote
Zacks Rank & Stocks to Consider
Bristol-Myers Squibb is a Zacks Rank #3 (Hold) stock. Some other better-ranked stocks in the health care sector include Heska Corporation and Retrophin, Inc. . Heska and Retrophin carry a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Heska’s earnings estimates increased from $1.53 to $1.65 for 2017 and from $1.90 to $2.01 for 2018 over the last 30 days. The company posted a positive earnings surprise in all of the four trailing quarters with an average beat of 291.54%. Its share price increased 35% year to date.
Retrophin’s loss estimates narrowed from 85 cents to 72 cents for 2017 and from 67 cents to 53 cents for 2018 over the last 30 days. The company posted a positive earnings surprise in three of the four trailing quarters with an average beat of 80.55%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge. With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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