Street View: Bristol Myers blows uptake opportunity with Cobenfy trial failure

Bristol Myers Squibb BMY.N said on Tuesday its drug Cobenfy failed to show a statistically significant difference in a keenly watched late-stage trial that would help expand its use as an add on treatment for schizophrenia

Median PT of brokerages covering the stock is $55.50, per data compiled by LSEG

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Leerink Partners ("outperform", PT:$55") says the adjunctive trial failure demonstrates Cobenfy's efficacy is modest which could mean far less potential than was originally anticipated

William Blair ("market perform") says the trial blows an opportunity to accelerate the uptake of Cobenfy overall by increasing physician confidence in the drug as a secondary treatment ahead of their own personalized approaches

BMO Capital Markets ("market perform", PT: $53.00) says it anticipates some continued modest use of Cobenfy given the limited number of options in the adjunctive setting

Jefferies (PT: $68) says it is still optimistic of Cobenfy in patients with psychosis in Alzheimer's disease (AD)