Bank of America Cuts Bristol Myers Squibb (NYSE:BMY) Price Target to $66.00

Key Points

• Bank of America lowered Bristol Myers Squibb’s price target from $71 to $66, still implying approximately 11.5% upside from the prior close.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average target of $64.96, with ratings ranging from Strong Buy to Sell.
• Bristol Myers Squibb recently exceeded quarterly expectations, reporting $2.04 in earnings per share versus a $1.60 consensus estimate and revenue of $12.97 billion.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) had its target price decreased by equities researchers at Bank of America from $71.00 to $66.00 in a report issued on Friday. Bank of America's price target indicates a potential upside of 11.52% from the stock's previous close.

A number of other research analysts have also issued reports on BMY. Argus upgraded shares of Bristol Myers Squibb from a "hold" rating to a "buy" rating and set a $75.00 target price on the stock in a report on Wednesday, August 5th. Guggenheim reissued a "buy" rating and issued a $75.00 price objective (up from $72.00) on shares of Bristol Myers Squibb in a research report on Friday, July 31st. HSBC restated a "hold" rating and set a $65.00 target price (up from $60.00) on shares of Bristol Myers Squibb in a research report on Thursday, September 10th. JPMorgan Chase & Co. increased their price target on Bristol Myers Squibb from $67.00 to $73.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Finally, Wells Fargo & Company set a $65.00 price objective on Bristol Myers Squibb and gave the stock an "equal weight" rating in a report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $64.96.

Bristol Myers Squibb Price Performance

Shares of Bristol Myers Squibb stock traded down $0.40 during trading on Friday, hitting $59.18. 6,207,278 shares of the company were exchanged, compared to its average volume of 11,985,270. Bristol Myers Squibb has a fifty-two week low of $42.52 and a fifty-two week high of $68.64. The company has a quick ratio of 1.38, a current ratio of 1.53 and a debt-to-equity ratio of 1.89. The firm has a 50 day moving average price of $64.27 and a 200 day moving average price of $60.28. The stock has a market capitalization of $120.89 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 0.28 and a beta of 0.19.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.44. Bristol Myers Squibb had a return on equity of 66.90% and a net margin of 18.87%.The company had revenue of $12.97 billion during the quarter, compared to the consensus estimate of $11.74 billion. During the same quarter last year, the business posted $1.46 earnings per share. Bristol Myers Squibb's revenue was up 5.7% compared to the same quarter last year. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. On average, equities analysts expect that Bristol Myers Squibb will post 6.95 earnings per share for the current fiscal year.

Insider Activity at Bristol Myers Squibb

In related news, SVP Phil M. Holzer sold 500 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $67.50, for a total transaction of $33,750.00. Following the transaction, the senior vice president directly owned 16,862 shares of the company's stock, valued at approximately $1,138,185. The trade was a 2.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Bristol Myers Squibb

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boltwood Capital Management increased its holdings in Bristol Myers Squibb by 2.5% during the 3rd quarter. Boltwood Capital Management now owns 7,107 shares of the biopharmaceutical company's stock worth $443,000 after purchasing an additional 170 shares in the last quarter. KCM Investment Advisors LLC grew its holdings in Bristol Myers Squibb by 0.8% during the fourth quarter. KCM Investment Advisors LLC now owns 20,871 shares of the biopharmaceutical company's stock worth $1,126,000 after buying an additional 174 shares in the last quarter. Sandy Cove Advisors LLC raised its position in Bristol Myers Squibb by 4.7% in the 2nd quarter. Sandy Cove Advisors LLC now owns 3,932 shares of the biopharmaceutical company's stock valued at $227,000 after buying an additional 176 shares during the last quarter. Investment Research Partners LLC grew its stake in shares of Bristol Myers Squibb by 1.4% in the 4th quarter. Investment Research Partners LLC now owns 13,134 shares of the biopharmaceutical company's stock worth $708,000 after acquiring an additional 179 shares in the last quarter. Finally, Key Financial Inc raised its holdings in shares of Bristol Myers Squibb by 2.4% in the first quarter. Key Financial Inc now owns 7,939 shares of the biopharmaceutical company's stock valued at $482,000 after purchasing an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 76.41% of the company's stock.

Key Headlines Impacting Bristol Myers Squibb

Here are the key news stories impacting Bristol Myers Squibb this week:

• Positive Sentiment: Positive Phase 3 Zenbexus data: Bristol Myers reported that Zenbexus (iberdomide), combined with daratumumab and dexamethasone, delivered superior progression-free survival versus standard of care in relapsed or refractory multiple myeloma. The EXCALIBER-RRMM results reportedly reduced the risk of progression or death by 51% and produced high minimal residual disease-negative complete response rates, supporting the potential for accelerated approval and future revenue growth. What Could Bristol Myers Squibb Phase 3 Myeloma Data Mean For Investors?
• Positive Sentiment: Pipeline and commercial support: Coverage highlights Zenbexus as a potential growth driver, while Reblozyl’s expanding sales and additional indications may help offset declines from older products. Investors are also attracted to BMY’s profitability, relatively low valuation and high dividend yield. High-Yield Stocks to Buy in October
• Neutral Sentiment: Analyst opinions are mixed: J.P. Morgan issued a Buy rating, while Scotiabank maintained a Hold rating. The split suggests that Zenbexus’s clinical progress is encouraging, but investors remain cautious about execution, competition and the company’s longer-term growth outlook. J.P. Morgan Buy Rating
• Negative Sentiment: Price-target cuts weigh on sentiment: Morgan Stanley assigned a Sell rating, and Cantor Fitzgerald lowered its price target from $59 to $53 while keeping a Neutral rating. These calls indicate concern that the positive pipeline news may already be reflected in the stock or may not fully offset product concentration and competitive risks. Morgan Stanley Sell Rating

About Bristol Myers Squibb

Bristol Myers Squibb NYSE: BMY is a global biopharmaceutical company that discovers, develops and commercializes prescription medicines. Its research and commercial activities focus primarily on oncology, hematology, immunology, cardiovascular disease and neuroscience. The company serves patients and healthcare providers in the United States and international markets.

Bristol Myers Squibb's portfolio includes medicines such as Opdivo and Yervoy for certain cancers, Eliquis for the prevention of blood clots and stroke, Revlimid and Pomalyst for blood cancers, and Abraxane for certain solid tumors.

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