Boston, MA 06/17/2014 (wallstreetpr) – Despite the news of loosing the legal battle to Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA), JP Morgan sees strength in Bristol-Myers Squibb Co (NYSE:BMY), which suggests it to buy on pullback. Recently, the company reported that the U.S. Court of Appeals has upheld the District court’s ruling relating to the company’s patent for its hepatitis B drug, Baraclude.
TEVA To Launch Genric Version
During February, 2013, the U.S. District Courts had ruled the company’s Patent No. 5,206,244 for entecavir compound, being sold as Baraclude is invalid. The court ruling will now open doors for Teva Pharmaceuticals, to market the generic version of Bristol’s entecavir compound, named ANDA. It is to be noted that TEVA has already received a tentative approval from the U.S. Food and Drug Administration (FDA). Teva said in its press note that it will finalize the plans with respect to the launch of its product as soon as receives final approval from the FDA. Teva’s launch is likely to hurt the market share of Bristol’s Baraclude, which accounted nearly $314 million sales in the United States alone, as per a report issued by the IMS in march, 2014. While there is no specific comment made by Bristol-Myers Squibb Co (NYSE:BMY) with respect to the court judgement, but it is believed that the company is evaluating legal options.
JP Morgan Recommends Buy
The failure in the fight against Teva has had its impact on the company’s shares, which are showing weakness. But, according to JP Morgan it is best time to enter into the stock. The research firm finds the company as “extremely attractive” at current levels. The reason of bullish view is Bristol-Myers Squibb Co (NYSE:BMY)’s immuno-oncology platform, which appears to be bright over the next 12 to 18 months. JP Morgan maintains an ‘Overweight’ rating on the stock and has targets $60 per share as its price.