Bristol-Myers Squibb Co. (BMY) PT Raised to $94 at BMO Capital; 'Home Run for Deucra Labeling in Psoriasis'

September 12, 2022 6:21 AM EDT
Get Alerts BMY Hot Sheet
Price: $79.24 +0.13%

Rating Summary:
    11 Buy, 17 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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BMO Capital analyst Evan David Seigerman raised the price target on Bristol-Myers Squibb Co. (NYSE: BMY) to $94.00 while maintaining a Outperform rating following Deucravacitinib data.

The analyst commented, "Best case scenario for Deucravacitinib (now known as Sotyktu), with broad label and no boxed warning in moderate-to-severe psoriasis. Following challenging milvexian data, we and investors can breathe a sigh of relief following late Friday's approval of deucravacitinib. While the commercial story will take time to play out with widespread contracted access unlikely in 2023, we see this as a very important aspect of Bristol's P&L over the next few years. Approval bolster's our outperform thesis, adding >$4B in peak sales in psoriasis (likely taking share from Amgen's Otezla)."

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