UPDATE: Bristol-Myers Squibb Co. (BMY) PT Raised to $76 at Goldman Sachs

February 7, 2022 5:16 AM EST
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Price: $70.15 --0%

Rating Summary:
    12 Buy, 15 Hold, 4 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 5 | Down: 3 | New: 14
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(Updated - February 7, 2022 5:16 AM EST)

Goldman Sachs analyst Chris Shibutani raised the price target on Bristol-Myers Squibb Co. (NYSE: BMY) to $76.00 (from $74.00) while maintaining a Buy rating.

The analyst comments "Following in-line results and a reiteration of guidance our views on BMY remain largely unchanged following the 4Q21 report. As commercial execution (i.e., Opdivo, Revlimid) was largely as expected, and discussion of new product launches (CAR-T portfolio, Zeposia) included familiar points. On the forward, we expect focus to center on the pipeline with details relating to anticipated positive outcomes from several key regulatory actions (March 19 PDUFA for Opdivo/Relatlimab combination; April 28 PDUFA for Mavacamten in oHCM; and September 10 PDUFA for deucravacitinib in plaque psoriasis) forming the basis of debate. Overall, we continue to believe that value being attributed to both new product launches and key pipeline assets (we describe as the company's Growth portfolio) are underappreciated. Data from the Phase 2 study for Milvexian (Factor XIa inhibitor) in secondary stroke prevention (SSP) in the 2H22 has the potential to further confidence in BMY's late-decade revenue profile (pending data, currently represents upside to our model). Model updates, including for share repurchases prompt our PT to increase from $74 to $76. We rate BMY shares Buy. Further details within."

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