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Bristol-Myers downgraded on disappointing news on lunch cancer drug

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Bristol-Myers Squibb Co (NYSE:BMY) shares are falling in the early session of trading as a result of a downgrade by BMO Capital. The drug maker was downgraded from outperform to market perform as the price target was also lowered to $55 a share from the prior target level of $60 a share. BMO cited disappointing new data on Bristol-Myers’ lung cancer drug which was once a source of positive news for the drug maker.