Shares of Bristol Myers Squibb (NYSE:BMY) slipped in after-hours trading after the healthcare firm disclosed some disappointing drug trial results. Indeed, its Phase 3 YELLOWSTONE program, which tested Zeposia (ozanimod) for adults with moderate to severe active Crohn’s disease, didn’t achieve its main goal of clinical remission at Week 12.
Although Zeposia’s safety profile matched previous studies, the company plans to conduct a thorough review of the trial outcomes and intends to discuss the findings with the medical community soon.
Acknowledging the challenges associated with Crohn’s disease treatments, the Senior Vice President at Bristol Myers Squibb, Roland Chen, MD, noted the significant demand for treatments that can provide symptom relief and potential remission for patients. Despite this setback, the company remains committed to finding solutions for immune-mediated conditions.
Is Bristol Myers Stock a Buy or Sell?
Turning to Wall Street, analysts have a Hold consensus rating on BMY stock based on four Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 17% decline in its share price over the past year, the average BMY price target of $54.75 per share implies that the stock is trading near fair value.
