Leerink Partners analyst David Risinger has maintained their bullish stance on BMY stock, giving a Buy rating on February 7.
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David Risinger has given his Buy rating due to a combination of factors influencing Bristol-Myers Squibb’s future prospects. Despite the recent setback with Opdualag’s Phase 3 trial for adjuvant melanoma treatment not meeting its primary endpoint, the overall outlook for the company remains promising. The adjuvant market represents a substantial opportunity, and although the trial results were not favorable, Bristol-Myers’ pipeline is robust with multiple potential catalysts anticipated between 2025 and 2027.
Risinger acknowledges that while the failure in the adjuvant setting may pose challenges, it does not significantly alter the bullish perspective on BMY shares. The expected peak sales of Opdualag are adjusted below consensus due to competitive pressures, yet the firm’s diverse pipeline could drive growth and provide significant opportunities for the company’s stock. Thus, the Buy rating is maintained based on the potential for future successes within the company’s extensive research and development endeavors.
BMY’s price has also changed moderately for the past six months – from $49.060 to $55.970, which is a 14.08% increase.