As previously reported, BofA downgraded Bristol Myers (BMY) to Neutral from Buy with a price target of $60, down from $68, following mixed performance from new launches. Even assuming an impact from announced new deals for Mirati (MRTX), Karuna (KRTX) and Rayze (RYZB), the launch portfolio growth “looks more linear,” with the firm modeling growth from $3.7B, or 8% of 2023 total revenues, to $18B, or 35% of total revenues in 2027, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BMY:
- Edgewise shares still reflect limited credit for EDG-7500, says Wedbush
- RayzeBio downgraded to Neutral from Overweight at JPMorgan
- Karuna Therapeutics downgraded to Neutral from Overweight at JPMorgan
- Here’s Why Cytokinetics (NASDAQ:CYTK) Stock Surged Yesterday
- RayzeBio downgraded to Hold from Buy at Truist
Questions or Comments about the article? Write to editor@tipranks.com