Baird analyst Brian Skorney notes that on Tuesday, Bristol-Myers (BMY) CEO Giovanni Caforio, speaking at an investor conference, said the company has not had any serious suitors for the company and has not held talks since 2017, when there were no formal offers. In a research note to investors, Skorney says this commentary should help reframe investor expectations as far as what other options Bristol-Myers could explore should the Celgene (CELG) deal fall through, but says Celgene “still looks like the best option.” Skorney has an Outperform rating and $101 price target on Celgene.
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