Leerink Bullish on Bristol-Myers Squibb Company (BMY) Amid Ample Pipeline Optionality in 2026

Core Viewpoint - Bristol-Myers Squibb Company (NYSE:BMY) is identified as an undervalued stock with significant potential due to its robust pipeline and recent positive trial results [1][2]. Group 1: Investment Outlook - Leerink raised its price target for Bristol-Myers Squibb from $54.00 to $60.00, maintaining an 'Outperform' rating, citing ample pipeline optionality with 12 registration data readouts across eight assets expected in 2026 [2]. - The firm anticipates strong upside potential for Bristol-Myers Squibb, particularly if key trials yield positive outcomes, as many assets are currently undervalued by the market [2]. Group 2: Recent Developments - Bristol-Myers Squibb reported positive topline results from the SCOUT-HCM Phase 3 trial for Camzyos (mavacamten), which successfully met its primary endpoint by significantly reducing the Valsalva left ventricular outflow tract (LVOT) gradient at Week 28 compared to placebo [3]. - The trial also met secondary endpoints, and safety was confirmed among adult patients with no new safety signals observed [3]. - Management projects Camzyos to become the first cardiac myosin inhibitor for adolescent patients, indicating a significant advancement in treatment options [3]. Group 3: Company Overview - Bristol-Myers Squibb focuses on discovering, developing, manufacturing, and marketing biopharmaceuticals, including small molecules, biologics, and CAR-T therapies [4].