Bristol study delay could indicate positive trends, says William Blair

William Blair analyst Matthew Phipps notes Bristol Myers (BMY) today announced that its ADEPT-2 study evaluating Cobenfy in Alzheimer’s disease psychosis will now read out by the end of 2026, versus prior timing for a readout by year-end 2025. The delay is due to the need for additional patient enrollment in the study given that irregularities were identified at several clinical trial sites, the analyst tells investors in a research note. Blair says that while a delay due to site irregularities typically raises concerns with investors, there is potentially a positive read-through in the Independent Data Monitoring Committee and Food and Drug Administration recommending continuation of the trial with more patients. This suggests positive trends are being observed, according to Blair. The firm thinks “any non-failure could be good news” given the selloff in Bristol Myers shares year-to-date. It has a Market Perform rating on the name. The stock in morning trading is up 5% to $50.76.