Piper Sandler on Bristol-Myers Squibb Co. (BMY): 'Milvexian Did Strike Us As High-Risk'

Piper Sandler analyst David Amsellem reiterated an Overweight rating and $62.00 price target on Bristol-Myers Squibb Co. (NYSE: BMY).

The analyst commented: "Milvexian Did Strike Us As High-Risk; Still Eyeing Atrial Fibrillation Study; Bristol announced that it is discontinuing its Librexia-ACS Phase III study evaluating its novel oral factor Xla inhibitor milvexian in acute coronary syndrome (ACS) (i.e., prevention of major adverse cardiovascular events (MACE) following an ACS episode with or without catheterization). We have always perceived a good degree of risk associated with the milvexian development program given that the Phase II study in secondary stroke prevention (SSP) was something of a mixed bag. More to the point, contribution from the product in any indication is not in our model. We've asserted previously that following the Eliquis loss of exclusivity, the worst is essentially over for BMY in the context of strong life cycle management on the nivolumab franchise, increased contribution from newer products (e.g., Breyanzi; Camzyos; Cobenfy), and pipeline depth. That dynamic informs our continued constructive thesis. We reiterate our Overweight rating."

For an analyst ratings summary and ratings history on Bristol-Myers Squibb Co. click here. For more ratings news on Bristol-Myers Squibb Co. click here.

Shares of Bristol-Myers Squibb Co. closed at $46.65 yesterday.

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