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Investing.com - Bristol-Myers Squibb Co. (NYSE:BMY) shares rose 7% following the company’s quarterly earnings report that exceeded analyst expectations. The pharmaceutical giant, currently trading at a P/E ratio of 15.51 and offering a substantial 5.38% dividend yield, appears undervalued according to InvestingPro analysis.
Bernstein SocGen Group reiterated its Market Perform rating on Bristol-Myers Squibb with a price target of $58.00, noting that the stock reaction likely reflected previous investor pessimism. This target aligns with broader analyst sentiment, as InvestingPro data shows analyst price targets ranging from $36 to $68.
Unlike the previous quarter, the quality of the earnings beat was described as "much cleaner," with nearly all assets in the growth portfolio meeting or exceeding consensus expectations, except for Cobenfy which missed by $1 million.
The company’s total growth portfolio increased 5.4% compared to consensus expectations, reaching $6.86 billion versus the anticipated $6.51 billion.
According to Bernstein SocGen Group, investor attention will now focus on Cobenfy’s ADEPT-2 clinical trial results for the remainder of the year, with CEO Boerner expressing confidence during the earnings call while attempting to address investor concerns.
In other recent news, BioNTech SE reported third-quarter revenue that significantly exceeded expectations, reaching €1.52 billion compared to the analyst consensus of €1.01 billion. Despite this revenue surge, the company posted a loss of €0.12 per share, missing analysts’ expectations for a profit of €0.10 per share. The revenue increase was largely attributed to a $1.5 billion payment from its collaboration with Bristol Myers Squibb. Additionally, BioNTech raised its full-year revenue guidance, reflecting stronger-than-expected performance from this partnership. These recent developments highlight the company’s ongoing strategic collaborations and financial adjustments.
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