Setbacks tarnish Bristol-Myers' 'string of pearls'

Bristol-Myers Squibb's ($BMY) "string of pearls" is starting to look a little dull to investors. After watching its expensive hepatitis C drug from Inhibitex go up in flames while regulators slowed the progress of its blood-thinner Eliquis, its shares have slid this year after seeing a big gain in 2011. And some top analysts don't see a quick turnaround in the offing. "Right now, I just don't see the catalyst in 2012, or even in early 2013, to own Bristol," ISI Group's Mark Schoenebaum told Bloomberg. "The price- earnings ratio is at such a premium to the rest of the group." Story


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