David Risinger, an analyst from Leerink Partners, maintained the Buy rating on Bristol-Myers Squibb. The associated price target was lowered to $53.00.
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David Risinger has given his Buy rating due to a combination of factors, including the potential of Bristol-Myers Squibb’s drug pipeline and strategic internal reviews. Despite reducing the price target from $55 to $53, Risinger maintains an optimistic outlook on the company’s future earnings, particularly driven by the potential success of the drug milvexian. The forecast for milvexian’s revenue is significantly higher than consensus estimates, reflecting confidence in its market potential.
Additionally, the company is undertaking internal reviews of its clinical trials to address past failures and improve future outcomes. This proactive approach is seen as a positive step towards enhancing the probability of success in ongoing and future trials. Risinger’s analysis suggests that these strategic moves, along with the promising drug pipeline, justify a Buy rating for Bristol-Myers Squibb.
In another report released on August 1, J.P. Morgan also maintained a Buy rating on the stock with a $65.00 price target.
BMY’s price has also changed moderately for the past six months – from $58.950 to $43.310, which is a -26.53% drop .