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.

Bristol-Myers Squibb Company (BMY): All Or Nothing With A Breakthrough Drug, Says Jim Cramer

A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.

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.

While we acknowledge the potential of BMY to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BMY and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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