Bristol-Myers Squibb (BMY) is a large-cap ($82 billion), diverse pharmaceutical company that has been in the news due to its planned merger with Celgene (CELG). Bristol-Myers Squibb derives about two-thirds of its revenue from two of its drugs, the cancer therapy Opdivo and the anticoagulant Eliquis. A series of Opdivo trial results released at ESMO over the weekend reinforce the proposition that Bristol-Myers Squibb has been through a period of being undervalued by the market. That, in turn, implies that Celgene has been undervalued, as investors will receive $50 per share