BMO Capital analyst Evan Seigerman maintained a Hold rating on Bristol-Myers Squibb (BMY – Research Report) yesterday and set a price target of $61.00.
Evan Seigerman has given his Hold rating due to a combination of factors impacting Bristol-Myers Squibb’s outlook. The recent failure of the ODYSSEY-HCM Phase 3 trial for Camzyos in non-obstructive hypertrophic cardiomyopathy (nHCM) has removed a potential growth opportunity for the company, as it was unable to demonstrate a significant benefit in this patient group. This setback adds pressure on Bristol-Myers Squibb to deliver positive outcomes from other upcoming catalysts to improve its market narrative.
Despite this trial failure, the opportunity for Camzyos in obstructive hypertrophic cardiomyopathy (oHCM) remains intact, with no new safety concerns identified. However, the inability to expand into the nHCM market limits the potential topline contribution that was previously anticipated. Looking ahead, the focus shifts to forthcoming data readouts for Cobenfy in adjunctive schizophrenia and Alzheimer’s psychosis. With looming losses of exclusivity for key drugs like Revlimid, Eliquis, and Opdivo, Bristol-Myers Squibb needs further pipeline successes to enhance its growth prospects, supporting the Hold rating.
In another report released today, Citi also maintained a Hold rating on the stock with a $55.00 price target.
BMY’s price has also changed slightly for the past six months – from $52.670 to $51.340, which is a -2.53% drop .