Bristol Myers Squibb (BMY, Financial) recently revealed the topline outcomes from its Phase 3 ARISE trial, which assessed the effectiveness and safety of Cobenfy as an additional treatment alongside atypical antipsychotics for adults with inadequately controlled schizophrenia symptoms. The trial observed a 2.0-point reduction in the Positive and Negative Syndrome Scale total score for patients receiving Cobenfy, compared to a placebo, after six weeks. However, this reduction did not achieve statistical significance for the primary endpoint.
Despite this, preliminary analyses suggest potential symptom improvements for certain patients using Cobenfy adjunctively with atypical antipsychotics. A post-hoc subgroup analysis indicated a more pronounced response among subjects using risperidone as their background therapy compared to those on different antipsychotics. The safety and tolerability of Cobenfy as an adjunctive treatment were consistent with earlier monotherapy trials.
Further detailed analysis is anticipated, and Bristol Myers Squibb plans to consult with regulators regarding the potential next steps. The company emphasized the inherent challenges in adjunctive treatment trials for schizophrenia, particularly when patients are already receiving treatment. Nevertheless, the trial's data is promising, highlighting potential benefits and a tolerable safety profile for most participants, encouraging further exploration of Cobenfy's role in addressing persistent schizophrenia symptoms.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 22 analysts, the average target price for Bristol-Myers Squibb Co (BMY, Financial) is $58.06 with a high estimate of $70.00 and a low estimate of $33.10. The average target implies an upside of 16.53% from the current price of $49.82. More detailed estimate data can be found on the Bristol-Myers Squibb Co (BMY) Forecast page.
Based on the consensus recommendation from 28 brokerage firms, Bristol-Myers Squibb Co's (BMY, Financial) average brokerage recommendation is currently 2.7, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Bristol-Myers Squibb Co (BMY, Financial) in one year is $63.10, suggesting a upside of 26.66% from the current price of $49.82. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Bristol-Myers Squibb Co (BMY) Summary page.
