Evan Seigerman, an analyst from BMO Capital, maintained the Hold rating on Bristol-Myers Squibb (BMY – Research Report). The associated price target was lowered to $53.00.
Evan Seigerman has given his Hold rating due to a combination of factors impacting Bristol-Myers Squibb’s current and future performance. The recent ARISE trial did not achieve statistical significance, which highlights ongoing clinical challenges for the company. This outcome adds to the uncertainty surrounding Bristol’s growth prospects, especially considering the previous setbacks in other Phase 3 trials like ODYSSEY-HCM.
Despite some uptake of Cobenfy in the adjunctive schizophrenia setting, the trial’s results were underwhelming, with only a modest placebo-adjusted improvement. However, there is still potential for regulatory discussions regarding specific patient subgroups. While the company’s commercial execution is improving, the recent clinical outcomes have tempered expectations for significant growth. The Hold rating reflects the belief that the stock is fairly valued given its stable cash flows from existing businesses and the gradual ramp-up of new product launches.
In another report released yesterday, Wells Fargo also maintained a Hold rating on the stock with a $62.00 price target.
BMY’s price has also changed slightly for the past six months – from $52.760 to $49.820, which is a -5.57% drop .