Bristol Myers Squibb (BMY, Financial) experienced a setback after Citi adjusted its stock price target to $51, down from $55, while maintaining a Neutral rating. The adjustment follows the announcement that the Phase 3 ARISE trial, which tested Cobenfy as an adjunctive treatment for schizophrenia, failed to meet its primary endpoint.
Despite this disappointing trial result, Citi acknowledges the challenging nature of the indication but remains optimistic about Cobenfy's potential in other areas, particularly in the treatment of Alzheimer’s psychosis. The firm believes these unique indications could expand Cobenfy's market beyond $5 billion.
In response to the trial outcome, Citi revised its financial projections, removing adjunctive schizophrenia from its estimates and adjusting the projected peak sales for Cobenfy by 2030 from $3.4 billion to $2.8 billion.
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.
