Bristol-Myers Squibb (BMY) PT Cut To $59 At BMO On Reduced Opdivo Opportunity

February 19, 2019 8:50 AM

BMO Capital analyst, Alex Arfaei, reiterated his Outperform rating on shares of Bristol-Myers Squibb Co. (NYSE: BMY) and cut his price target to $59 from $60 after cutting his Opdivo RCC forecast, in the wake of ASCO. This reduces his Opdivo peak sales forecast to ~$11Bn by 2029 (from $12Bn), and valuation to $59/share (from $60/share).

The analyst stated "After ASCO GU, Merck’s Keytruda+Inlyta (KN426) is the standard of care in 1L-RCC, and we expect broad uptake. Pfizer’s JR101 data is good, but not as good as Merck’s, and probably won’t match it with longer follow-up. We believe that starting 2H19, Bristol will gradually lose share to PD(L)1+TKIs in 1L-RCC (particularly Keytruda) until it can compete with Opdivo+Cabo (CM9ER 2H19 readout; approval probably mid-2020)."

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 $51.67 yesterday.


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