Daiwa analyst Narumi Nakagiri upgrades $Bristol-Myers Squibb (BMY.US)$ to a buy rating, and adjusts the target price from $54 to $65.
According to TipRanks data, the analyst has a success rate of 75.0% and a total average return of 12.1% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Bristol-Myers Squibb (BMY.US)$'s main analysts recently are as follows:
The unexpected update on the Phase 2 results of emraclidine by AbbVie has led to revisions in revenue projections. With emraclidine being excluded from projections and an increase in Cobenfy estimates for Bristol Myers, there is a 7% rise in total expected revenue for 2033. This revision, however, does not alter the general trajectory of revenue or earnings per share growth for the companies involved.
Analysts noted that pivotal Phase 2 data for a competing schizophrenia treatment did not meet statistical significance in demonstrating change from baseline in a key symptom scale. This underperformance was unexpected, especially considering the treatment was a major factor in a significant acquisition and was projected to bring in substantial sales while competing with an established product. While the long-term outlook for the established product may improve as a result, there are still immediate concerns regarding patent exclusivity.
The failure of a competing drug, Emraclidine, to demonstrate a statistically significant benefit at the primary endpoint in its Phase 2 studies, places Bristol's Cobenfy in a favorable position. Given the underwhelming results that may send rivals back to the drawing board, it's pivotal for Bristol to capitalize on the opportunity and successfully launch Cobenfy.
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