Bristol Myers price target raised to $61 from $57 at BMO Capital

BMO Capital analyst Evan Seigerman raised the firm’s price target on Bristol Myers (BMY) to $61 from $57 and keeps a Market Perform rating on the shares. AbbVie (ABBV) drug Emraclidine’s failure to show a statistically significant benefit at the primary endpoint in both Phase 2 studies leaves Bristol’s Cobenfy “very well-positioned”, the analyst tells investors in a research note. With lackluster data pushing competitors back to the drawing board, the ball is now entirely in Bristol’s court to execute on its Cobenfy launch, the firm adds.