RBC Capital Initiates Bristol Myers with $60 Target, Notes Phase 2 Reblozyl Success
Bristol Myers Squibb received a Sector Perform initiation with a $60 price target from RBC Capital, highlighting the company’s “most significant Phase 3 path” and balanced risk-reward at current valuation. On Feb. 23, its Phase 2 Reblozyl study met all primary and key secondary endpoints in α-thalassemia patients.
1. RBC Capital Initiates Coverage
On February 25, RBC Capital launched coverage of Bristol Myers Squibb with a Sector Perform rating and a $60 price target, citing balanced risk and reward at current valuation.
2. Emphasis on Late-Stage Pipeline Depth
The analyst highlighted Bristol Myers’ “most significant Phase 3 path” among large-cap pharma firms, using the breadth of its late-stage pipeline to justify the price target.
3. Positive Phase 2 Reblozyl Study Results
On February 23, Bristol Myers announced its Phase 2 registrational study of Reblozyl in adult alpha-thalassemia patients met all primary and key secondary endpoints, showing significant hemoglobin increases and reduced transfusion needs across both cohorts.
4. Outlook and Upcoming Catalysts
RBC Capital noted that the recent share re-rating appears driven by macro factors and valuation shifts ahead of expected catalysts in the second half of 2026, rather than changes in underlying fundamentals.