William Blair analyst Matt Phipps has maintained their neutral stance on BMY stock, giving a Hold rating on August 22.
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Matt Phipps has given his Hold rating due to a combination of factors related to the recent developments in the cardiac myosin inhibitor (CMI) space. The Phase III ODYSSEY-HCM trial results for Bristol-Myers Squibb’s Camzyos showed positive trends in primary endpoints for patients with symptomatic nonobstructive hypertrophic cardiomyopathy (nHCM). However, the changes observed were not substantial enough to be deemed clinically meaningful when compared to placebo.
Additionally, the competitive landscape is expected to shift with upcoming updates, such as the PDUFA date for aficamten and results from the ACACIA-HCM trial. The strong performance of aficamten in the MAPLE-HCM trial suggests it could capture market share despite being a later entrant. These factors contribute to a cautious outlook for Camzyos, justifying the Hold rating as the market dynamics evolve.
In another report released on August 22, BMO Capital also maintained a Hold rating on the stock with a $47.00 price target.