JP Morgan Boosts Price Target for Bristol Myers Following ASCO Meeting (BMY)

Drug maker Bristol Myers Squibb Co. (BMY) on Monday caught some bullish commentary from analysts at JP Morgan, following the announcement of a new immunotherapy drug at the annual American Society of Clinical Oncology (ASCO) meeting over the weekend.

The firm maintained its “Neutral” rating on BMY and lifted its price target from $33 to $35. That new target suggests a 5% upside to the stock’s Friday closing price of $33.33.

A JP Morgan analyst commented, “Coming out of ASCO this week, we see Bristol’s anti-PD-1 (BMS-936558) as the clear highlight of the meeting within our coverage and are formally adding the product to our model. While we are maintaining our Neutral rating on BMY shares and phase III data on PD-1 is still years away, the phase I results presented at the meeting point to a clearly active drug in several tumor types and we view PD-1 as a very attractive longer-term opportunity for the company.”

Bristol Myers Squibb shares rose 82 cents, or +2.5%, in premarket trading Monday.

The Bottom Line
We have been recommending shares of Bristol-Myers Squibb (BMY) since Aug.25, 2009, when the stock was trading at $22.58. The company has a 4.08% dividend yield, based on Friday’s closing stock price of $33.33.

Bristol Myers Squibb Co. (BMY) is a “Recommended” dividend stock, holding a DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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