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FINWIRES

Bristol-Myers Squibb to Stay Range-Bound Until H2 Data, RBC Says

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-- Bristol-Myers Squibb (BMY) Q1 results were solid but driven largely by legacy products rather than growth drivers, while the stock is expected to remain range-bound in the near term until more concrete data emerges in H2, RBC Capital Markets said.

The brokerage said in a Thursday note that the about 5% rally in the stock reflected increasing pipeline confidence following the Q1 call, rather than the quarterly results themselves.

RBC said it was encouraged by the growing attention on the often overlooked CELMoD franchise, which offers several potential opportunities that could support upside.

The firm reiterated a sector perform rating with a price target of $60, saying further upside will depend on successful pipeline execution.

Price: $58.65, Change: $-1.95, Percent Change: -3.21%

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