Mohit Bansal, an analyst from Wells Fargo, maintained the Hold rating on Bristol-Myers Squibb (BMY – Research Report). The associated price target was raised to $62.00.
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Mohit Bansal’s rating is based on a combination of factors related to Bristol-Myers Squibb’s current and future prospects. The company has achieved significant progress in launching Cobenfy, particularly in securing broad access across Medicaid and Medicare, with promising early efficacy and tolerability results. However, the need to manage placebo responses in Alzheimer’s trials and the challenge of thrice-daily dosing highlight some uncertainties in their pipeline activities.
Additionally, while cost-cutting measures are expected to save $2 billion, allowing for sustainable growth, there are pressures from increased competition in the generic market, especially for drugs like Revlimid. The anticipated market dynamics and potential volatility due to decreased Medicare access and an influx of generics suggest both opportunities and risks. Therefore, these mixed factors contribute to the Hold rating, reflecting both cautious optimism and the need for careful observation of the company’s performance and strategic execution.
In another report released yesterday, Bernstein also maintained a Hold rating on the stock with a $62.00 price target.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BMY in relation to earlier this year.