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SMALL BUSINESS
Analyst trims Bristol-Myers Squibb to 'Neutral'
AP
NEW YORK -A Cowen and Co. analyst downgraded shares of Bristol-Myers Squibb Co. on Friday, saying a spate of good news about some of the company's new products is already reflected in its share price.
Steve Scala downgraded Bristol-Myers Squibb shares to "Neutral" from "Outperform."
Scala said he expects solid performance from the rheumatoid-arthritis drug Orencia and thinks the company will be able to file for approval of its blood thinner Apixaban. He cautioned, however, that he believes the company will have a hard time positioning its cancer drug Sprycel as a leading treatment for leukemia, where it must compete with Novartis' Gleevec and Tasigna.
In afternoon trading, shares of Bristol-Myers Squibb rose 9 cents to $22.43.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-09 15:30:37
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