William Blair analyst Matt Phipps has maintained their neutral stance on BMY stock, giving a Hold rating on April 17.
Matt Phipps has given his Hold rating due to a combination of factors related to recent regulatory updates for Bristol-Myers Squibb’s drug, Camzyos. The FDA’s decision to ease monitoring requirements for Camzyos in its maintenance phase and remove certain contraindications aligns with expectations and is supported by real-world evidence. This change is expected to lessen the burden on physicians managing patients using Camzyos, which is a positive development for the company.
However, the timing of this update is crucial as it coincides with the anticipated approval of a competing drug, aficamten, by Cytokinetics. The potential approval of aficamten could impact Bristol-Myers Squibb’s market share, introducing uncertainty in the competitive landscape. As such, while the regulatory changes are beneficial, the looming competition and its implications on market dynamics contribute to the Hold rating.
In another report released on April 17, Bank of America Securities also reiterated a Hold rating on the stock with a $58.00 price target.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BMY in relation to earlier this year.