Bristol Myers price target raised to $60 from $55 at Citi

Citi raised the firm’s price target on Bristol Myers to $60 from $55 and keeps a Neutral rating on the shares. The firm says the pivotal Phase 2 data for AbbVie’s (ABBV) emraclidine “surprisingly failed” to demonstrate a statistically significant change from baseline in the Positive and Negative Symptom Scale total score in the EMPOWER-1 and – 2 studies for schizophrenia. Considered the anchor value driver of AbbVie’s $9B acquisition of Cerevel emraclidine was expected to generate at least $2B-$2.5B in sales near the end of the decade and compete effectively against Bristol’s (BMY) Coben, the analyst tells investors in a research note. Citi took up Bristol Myers’s price target but maintains a Neutral, saying that while Cobenfy’s outlook should be meaningfully better in the outer years, loss of exclusivity concerns remain near term.