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Cantor Fitzgerald maintained its neutral rating and $55.00 price target on Bristol-Myers Squibb Co. (NYSE: NYSE:BMY) Thursday, closely matching InvestingPro’s Fair Value estimate. The $102 billion pharmaceutical giant, which boasts a "GREAT" financial health score and generates over $47 billion in annual revenue, sees its upcoming Alzheimer’s treatment data as a key catalyst for the stock.
Cobenfy’s ADEPT-2 top-line data in Alzheimer’s Disease Psychosis is expected in the second half of 2025, potentially early in that period. This data represents what Cantor Fitzgerald called "the highest-impact remaining catalyst for BMY shares this year." The company, which offers a robust 4.94% dividend yield and has maintained dividend payments for 55 consecutive years, continues to demonstrate strong financial fundamentals.
The treatment holds significant importance for Bristol-Myers’ future revenue profile, with Cantor projecting Cobenfy to become the company’s third-largest selling product by 2030, behind only Opdivo and Reblozyl.
Despite its potential importance, Cantor Fitzgerald described ADEPT-2 as "challenging to handicap" due to limited clinical data, high variability in neuropsychiatric studies, and the heterogeneous older population being treated.
The research firm examined the trial design and assessed potential outcome implications, noting the importance of Cobenfy to Bristol-Myers Squibb’s revenue profile beyond 2028.
In other recent news, Bristol Myers Squibb has announced significant developments across various fronts. The company reported positive Phase 3 trial results for its oral medication Sotyktu (deucravacitinib), showing significant efficacy in treating adults with active psoriatic arthritis. In the POETYK PsA-1 trial, 54.2% of patients achieved at least a 20% improvement in symptoms at Week 16, with improvements continuing through Week 52 in the POETYK PsA-2 trial. Additionally, Bristol Myers Squibb’s subsidiary RayzeBio will acquire worldwide rights to develop and commercialize OncoACP3, a prostate cancer treatment, from Philochem AG in a deal potentially worth up to $1.35 billion. This strategic acquisition enhances the company’s radiopharmaceutical capabilities. Furthermore, Bristol Myers Squibb presented promising data from its targeted protein degradation platform at the European Hematology Association Annual Congress, featuring investigational agents for multiple myeloma and non-Hodgkin lymphoma. In other developments, Raymond (NSE:RYMD) James maintained its Market Perform rating for Bristol Myers Squibb following a co-development agreement with BioNTech (NASDAQ:BNTX) for the bispecific antibody BNT327, aimed at solid tumors. This collaboration reflects Bristol Myers Squibb’s efforts to strengthen its growth portfolio and address future revenue challenges.
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