Bernstein reiterates Bristol-Myers Squibb stock rating on IPF data

Bernstein SocGen Group reaffirmed a Market Perform rating on Bristol-Myers Squibb Co. (BMY), along with a $61.00 price target, following the company's announcement of Admilparant data. Currently, the stock is trading at $56.29, which is below both the analyst's target and InvestingPro's Fair Value of $61.41, indicating that the shares are potentially undervalued.

The pharmaceutical giant offers a 4.38% dividend yield, and the firm highlights that the Admilparant data released today was technically positive, but current disclosures show no apparent dose-response. The statistical plan allocated more resources to the 120mg dose, yet the 60mg dose was successful, while the 120mg dose was unsuccessful.

The press release announcing the primary endpoint made no mention of clinical meaningfulness, and liver-toxicity questions have not been addressed with any disclosures of ALT or AST. Bernstein anticipates that these details will be clarified with the full presentation of the data, likely during the American Thoracic Society (ATS) in May, potentially accompanied by the PPF results.

Analysts believe the stock is constrained by uncertainties surrounding the Admilparant data, and more significantly, by upcoming Milvexian and Cobenfy readouts. According to InvestingPro Tips, Bristol-Myers Squibb has consistently paid dividends for 56 consecutive years, offering investors income stability despite clinical trial uncertainties.