Shares of Bristol-Myers Squibb (BMY) were higher in afternoon trading on Monday, after Jefferies reiterated its “buy” rating on the stock. The firm placed a $69 price target on Bristol and is bullish on the success of its new lung cancer treatment, a combination of the drugs Opdivo and Yervoy.
Furthermore, Jefferies says the “worst-case” scenario yields a $44 price target, at which point the stock becomes an attractive takeover target.
