Jefferies Remains Bullish on Bristol-Myers Squibb Company (BMY)

Bristol-Myers Squibb Company (NYSE:BMY) is one of the best pharma stocks to invest in. On December 4, Jefferies reiterated a Buy rating on Bristol-Myers Squibb Company (NYSE:BMY) with a price target of $68.

The same day, Scotiabank lifted the price target on Bristol-Myers Squibb Company (NYSE:BMY) to $53 from $45 while maintaining a Sector Perform rating on the shares. The firm told investors that it anticipates several pivotal and registrational data readouts in 2026, adding that these readouts have a risk/reward to the upside.

The two rating updates came the same day Bristol-Myers Squibb Company (NYSE:BMY) announced that the U.S. Food and Drug Administration (FDA) granted approval for Breyanzi to treat adult patients living with relapsed or refractory (R/R) marginal zone lymphoma (MZL) who have received at least two prior lines of systemic therapy. Breyanzi is a CD19-directed chimeric antigen receptor (CAR) T cell therapy and is administered as a one-time infusion.

The approval makes it the only FDA-approved CAR T cell therapy for five cancer types, which is the most of any CD19-directed CAR T cell therapy. Breyanzi exhibited durable and deep responses in 95.5% of patients in the MZL cohort of TRANSCEND FL, while demonstrating a consistent safety profile.

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.