Bristol-Myers Squibb got a rating upgrade from Truist, on optimism about drug pipeline.
Truist analyst Gregg Gilbert boosted rating on the pharmaceutical company to buy from hold. Gilbert also raised his price target to $74 a share from $66.
“We launched on U.S. major [pharmaceuticals] in October with an overall bullish view on the group, but we started with a hold rating on BMY pending greater visibility on key late-stage pipeline assets,” Gilbert wrote in a commentary. Since then, BMY has received regulatory approval for Abecma (ide-cel) and Breyanzi (liso-cel), and announced positive top-line Phase 3 results for deucravacitinib (TYK2 inhibitor) and relatlimab (LAG-3 inhibitor), Gilbert mentioned.
Gilbert cited pipeline progress coupled with results from detailed pipeline analysis as factors behind the rating boost.