Goldman Sachs Maintains a Hold on Bristol-Myers Squibb (BMY)

Bristol-Myers Squibb Company (NYSE:BMY) is one of the top low volatility healthcare stocks to buy now. On July 24, Goldman Sachs analyst Asad Haider maintained a Hold rating on Bristol-Myers Squibb Company (NYSE:BMY) with a $56.00 price target, basing the rating on the company’s current market position.

Haider stated that Bristol-Myers Squibb Company (NYSE:BMY) is anticipated to release mixed results for the upcoming quarter. While foreign exchange rates may have some positive impact on the earnings, potential negative effects from recent deals not fully accounted for in current earnings projections, and challenges at the product level are cause for concern.

The analyst further said that Bristol-Myers Squibb Company’s (NYSE:BMY) stock has remained stable within a narrow range despite it trading at a lower multiple compared to its peers and prior strong quarterly results.

He reasoned that this stability is partially because of investors anticipating significant clinical trial outcomes, especially the Phase-3 ADEPT-2 trial for Cobenfy in Alzheimer’s psychosis.

The Hold rating thus suggests the need for clarity regarding these clinical developments as they may prove critical for future stock movement.

Bristol-Myers Squibb Company (NYSE:BMY) is a biopharmaceutical company that discovers, develops, and delivers advanced medicines for serious diseases. Its medicines fall into various therapeutic classes, including hematology, oncology, cardiovascular, immunology, and neuroscience.

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Disclosure: None. This article is originally published at Insider Monkey.