Scotiabank Raises Bristol-Myers (BMY) PT to $60 Citing Catalyst-Rich 2026 Growth

Core Viewpoint - Bristol-Myers Squibb Company (NYSE:BMY) is identified as a promising investment opportunity over the next three years due to its inexpensive valuation and several key milestones approaching in 2026 [1][3]. Group 1: Analyst Insights - Scotiabank analyst Louise Chen has raised the price target for Bristol-Myers from $53 to $60 while maintaining a Sector Perform rating, indicating confidence in the stock's potential [1]. - The firm views 2026 as a catalyst-rich year for Bristol-Myers, suggesting strong buying opportunities ahead [1][3]. Group 2: FDA Developments - The FDA has granted Priority Review to Bristol-Myers' supplemental application for Opdivo (nivolumab) in combination with AVD chemotherapy for treating Stage III or IV classical Hodgkin Lymphoma in patients aged 12 and older [2]. - The target action date for this application is set for April 8, 2026, which aligns with the anticipated growth period for the company [2]. Group 3: Clinical Study Results - The Phase 3 SWOG S1826 study supports the application for Opdivo-AVD, showing a significant improvement in progression-free survival (PFS) compared to the current standard treatment [3]. - At a median follow-up of 2.1 years, the PFS rate for the Opdivo arm was reported at 92%, compared to 83% for the control group, with enhanced benefits noted for patients over age 60 [3].