But the really meaningful news will be delivered starting this Friday -- in late breaking posters. I'll have a summary here, then. But, it is still BMS's lead to lose, in my estimation. From Investors' Business Daily, then -- a bit:
. . . .T.J. Qatato, co-manager of the Frost Growth Equity Fund, told IBD that he was disappointed for the same reasons. But he advocates patience, pointing to the learning curve of clinical trials.
"You still have Bristol-Myers experimenting with what the right dosage is with Yervoy, given it is their first I-O drug," he said. "We've also known that it does have higher adverse events than some of the other I-O drugs. You're dealing with some small sample sizes as well — try not to draw too many conclusions."
Qatato, who owns Bristol-Myers shares, says that he'll be looking for the late-breaking abstracts, which will be made public on Friday. Morgan Stanley analyst David Risinger echoed that sentiment when he reiterated his overweight rating on May 15, writing in a note that Bristol should unveil more mature data based on longer-term treatment. Risinger added that "management continues to feel confident about moving nivo + Yervoy combo into Phase 3 for lung cancer later this year."
Merck's abstracts, by contrast, were in line with expectations, though Qatato says he's disappointed that the company isn't speeding up its lung-cancer timeline to compete with Bristol's. . . .
Stay tuned -- I'll pop over to the exhibit space on Friday (or Monday, if my other duties interfere) to look at the boards. Will report my observations on the late breakers, right here.
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