Jefferies analyst Akash Tewari has revised the price target for Bristol Myers (BMY, Financial), adjusting it from $70 down to $68, yet maintains a Buy rating on the stock. This decision follows the recent update on Bristol Myers' Phase 3 ARISE trial, which assessed the efficacy and safety of Cobenfy as an adjunctive therapy for adults with schizophrenia whose symptoms remain inadequately controlled. Unfortunately, the trial did not meet the necessary statistical significance for its primary endpoint.
Despite this setback, Jefferies remains positive on Cobenfy's potential in treating Alzheimer's disease psychosis. The analyst expressed continued confidence, estimating a 70% likelihood of success in this particular arena. Investors are also informed of expectations for the ADEPT-2 trial, which could potentially demonstrate around a 66% improvement in symptoms compared to a placebo.
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 $57.25 with a high estimate of $70.00 and a low estimate of $33.10. The average target implies an upside of 14.92% 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.
