Morgan Stanley sees Bristol Myers share catalyst on Alzheimer’s data

Morgan Stanley sees Bristol Myers (BMY)’ Phase Phase 3 date of Cobenfy in Alzheimer’s disease psychosis, expected in late Q3 or early Q4, as a potential catalyst for the stock. The company is working to expand Cobenfy’s label, which is already approved for schizophrenia, across a number of additional indications, the analyst tells investors in a research note. Morgan believes Cobenfy prescriptions for schizophrenia have recently moderated. The firm keeps an Underweight rating on Bristol Myers with a $34 price target Morgan’s base case into the data is that Cobenfy demonstrates a statically significant improvement on the primary endpoint with schizophrenia script growth remaining muted in the second half of 2025. It sees the stock trading up low single digits on this scenario.