Bristol Myers Squibb (NYSE:BMY) Cut to "Market Perform" at Leerink Partners

Key Points

• Leerink Partners downgraded Bristol Myers Squibb from “outperform” to “market perform” and set a $59 price target, implying about 3.5% downside from the reported $61.16 share price.
• Analyst sentiment remains broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $67, despite a range of buy, hold, and strong-buy recommendations.
• Bristol Myers Squibb exceeded quarterly expectations, reporting $2.04 in EPS versus a $1.60 estimate and $12.97 billion in revenue, up 5.7% year over year.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) was downgraded by Leerink Partners from an "outperform" rating to a "market perform" rating in a report released on Monday, Marketbeat.com reports. They currently have a $59.00 price target on the biopharmaceutical company's stock. Leerink Partners' price target indicates a potential downside of 3.53% from the company's current price.

BMY has been the subject of several other reports. Roth Capital started coverage on Bristol Myers Squibb in a report on Wednesday, August 5th. They issued a "buy" rating and a $75.00 price objective for the company. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $63.00 target price on shares of Bristol Myers Squibb in a report on Wednesday, September 23rd. Citigroup reissued a "neutral" rating and issued a $70.00 price target (up from $66.00) on shares of Bristol Myers Squibb in a report on Monday, August 3rd. JPMorgan Chase & Co. boosted their price objective on Bristol Myers Squibb from $67.00 to $73.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, Raymond James Financial initiated coverage on Bristol Myers Squibb in a research note on Wednesday, August 5th. They set a "strong-buy" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $67.00.

Bristol Myers Squibb Stock Performance

Shares of BMY stock opened at $61.16 on Monday. Bristol Myers Squibb has a 52 week low of $42.52 and a 52 week high of $68.64. The company has a market cap of $124.92 billion, a PE ratio of 13.47, a P/E/G ratio of 0.29 and a beta of 0.19. The company has a current ratio of 1.53, a quick ratio of 1.38 and a debt-to-equity ratio of 1.89. The company's fifty day simple moving average is $64.61 and its 200-day simple moving average is $60.26.

Bristol Myers Squibb (NYSE:BMY - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The biopharmaceutical company reported $2.04 EPS 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 firm had revenue of $12.97 billion for the quarter, compared to analyst estimates of $11.74 billion. During the same period in the previous year, the company posted $1.46 EPS. Bristol Myers Squibb's revenue for the quarter was up 5.7% on a year-over-year basis. Bristol Myers Squibb has set its FY 2026 guidance at 6.750-7.000 EPS. As a group, equities research analysts anticipate that Bristol Myers Squibb will post 6.95 EPS for the current year.

Insider Buying and Selling at Bristol Myers Squibb

In related news, SVP Phil M. Holzer sold 500 shares of Bristol Myers Squibb stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $67.50, for a total value of $33,750.00. Following the transaction, the senior vice president owned 16,862 shares of the company's stock, valued at approximately $1,138,185. This trade represents a 2.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bristol Myers Squibb

Several hedge funds have recently made changes to their positions in BMY. Davis Asset Management L.P. acquired a new stake in Bristol Myers Squibb during the 2nd quarter valued at $27,000. Addison Advisors LLC acquired a new position in Bristol Myers Squibb during the second quarter valued at $32,000. Bayban purchased a new position in Bristol Myers Squibb during the 4th quarter valued at about $31,000. Groupe la Francaise increased its holdings in shares of Bristol Myers Squibb by 562.9% in the 2nd quarter. Groupe la Francaise now owns 590 shares of the biopharmaceutical company's stock valued at $33,000 after purchasing an additional 501 shares during the period. Finally, Kilter Group LLC purchased a new stake in shares of Bristol Myers Squibb in the second quarter worth approximately $35,000. Hedge funds and other institutional investors own 76.41% of the company's stock.

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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