Evan Seigerman, an analyst from BMO Capital, maintained the Hold rating on Bristol-Myers Squibb (BMY – Research Report). The associated price target remains the same with $61.00.
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Evan Seigerman’s rating is based on a mix of promising developments and remaining uncertainties surrounding Bristol-Myers Squibb. The company shows steady progress towards sustainable growth, particularly in its growth business, which is seeing positive momentum. New product launches like Cobenfy are performing well, with uptake surpassing expectations, contributing to this positive outlook.
However, Evan Seigerman highlights that challenges persist, particularly concerning the legacy business. Factors such as the erosion of Revlimid sales and policy changes like Part D reform present headwinds. Additionally, while the valuation remains reasonable and several clinical catalysts are ahead, Seigerman prefers to wait for more clarity before fully endorsing the stock, hence the Hold rating.
In another report released on February 10, Deutsche Bank also maintained a Hold rating on the stock with a $53.00 price target.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BMY in relation to earlier this year.