Terence Flynn, an analyst from Morgan Stanley, maintained the Sell rating on Bristol-Myers Squibb. The associated price target remains the same with $36.00.
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Terence Flynn has given his Sell rating due to a combination of factors impacting Bristol-Myers Squibb’s outlook. A significant reason for this rating is the recent discontinuation of the Phase 3 LIBREXIA-ACS trial for Milvexian, which was a joint venture with Johnson & Johnson. The decision to halt the trial was based on an interim analysis indicating that the study was unlikely to achieve its primary efficacy endpoint related to major adverse cardiovascular events. This setback adds to previous challenges faced by the Factor XI program, including the early termination of Bayer’s asundexian trial due to lack of efficacy, which casts doubt on the potential success of Milvexian in similar applications.
Furthermore, Bristol-Myers Squibb has been conducting reviews of its clinical trial sites following a series of trial failures, highlighting potential concerns about the company’s ability to achieve successful outcomes in future trials. Despite the continuation of other Milvexian trials, such as LIBREXIA-AF and LIBREXIA-STROKE, the recent developments have raised questions about the drug’s competitive positioning against established treatments like Eliquis. These factors collectively contribute to a cautious outlook on Bristol-Myers Squibb’s stock performance, justifying the Sell rating.
BMY’s price has also changed slightly for the past six months – from $44.120 to $46.650, which is a 5.73% increase.