William Blair analyst Matt Phipps has maintained their neutral stance on BMY stock, giving a Hold rating today.
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Matt Phipps has given his Hold rating due to a combination of factors influencing Bristol-Myers Squibb’s current position. The company has faced several Phase III setbacks, including the discontinuation of the milvexian trial in acute coronary syndrome (ACS), which has impacted investor confidence. Despite these challenges, management remains optimistic about the potential success of milvexian in stroke and atrial fibrillation, where the scientific rationale is stronger.
Management’s confidence is bolstered by previous Phase II studies that support the biological rationale for milvexian’s use in stroke and atrial fibrillation. Additionally, the company is awaiting the ADEPT-2 study results, which are expected by the end of the year. These upcoming clinical readouts are crucial for improving the company’s growth outlook, especially in light of the looming loss of exclusivity for key drugs like Eliquis and Opdivo. Therefore, the Hold rating reflects a cautious approach, balancing current challenges with potential future opportunities.
In another report released today, Scotiabank also maintained a Hold rating on the stock with a $45.00 price target.