Bristol Myers price target lowered to $62 from $64 at Piper Sandler

Piper Sandler lowered the firm’s price target on Bristol Myers (BMY) to $62 from $64 and keeps an Overweight rating on the shares following quarterly results. The firm says its model reflects somewhat higher sales estimates for Opdivo/Opdivo Qvantig, Camzyos and Eliquis in 2026, but that’s more than offset by higher R&D spend. With shares trading sideways since 6/30/25, Piper believes the broader market is leaning bearish on looming results from the ADEPT-2 study evaluating Cobenfy in psychosis associated with Alzheimer’s disease. The firm does think there is more upside potential associated with favorable data than downside risk associated with negative results in light of the magnitude of the opportunity.