Leerink analyst David Risinger upgraded Bristol Myers (BMY) to Outperform from Market Perform with a price target of $73, up from $55. The firm expects “upward pressure” on Cobenfy and milvexian consensus expectations to drive stock outperformance from current levels. In the wake of AbbVie’s (ABBV) emraclidine pivotal Phase 2 trial failures, Leerink no longer anticipates that competing product to launch in 2026. As such, it significantly boosted its long-term Cobenfy projections, including 2030 sales up 36% from $4.2B to $5.7B. The analyst sees the potential for peak Cobenfy sales of over $10B if it succeeds in additional indications. Leerink also increased our milvexian sales projections after further contemplating the positive trial update announced on Bristol’s Q3 call.
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