Bristol Myers price target lowered to $68 from $72 at BofA

BofA lowered the firm’s price target on Bristol Myers (BMY) to $68 from $72 and keeps a Buy rating on the shares after the company announced plans to acquire RayzeBio (RYZB). While there is a lot to like on RayzeBio’s “potentially differentiated” Actinium-based radiopharma platform, “there’s still a lot more work to do,” the analyst tells investors in a research note. The firm says radiopharma competition has intensified over the past year given the renewed interest in the space. Nonetheless, BofA feels the deal makes strategic sense for potential long-term value creation and a “solid effort” to offset loss of exclusivity. It expects the deal to be dilutive through 2028.