Bristol-Myers Squibb (BMY): Leerink cuts rating as pipeline doubts grow
Leerink Partners downgraded Bristol-Myers Squibb to Market Perform, cutting its price target to $59 from $73 — citing fading confidence in three pipeline drugs (admilparant, milvexian, Cobenfy). Shares fell ~4% to $58.73. $BMY 💊📉
Why it matters It matters because the downgrade targets BMY's next wave of growth drugs just as the company leans on its pipeline to offset upcoming patent losses on older blockbusters.
What we verified Cross-checked Leerink Partners' Oct 5, 2026 downgrade of Bristol-Myers Squibb (Outperform to Market Perform, price target cut from $73 to $59, shares falling roughly 3.8-4.0% to close near $58.73, and skepticism over the admilparant, milvexian and Cobenfy pipeline programs) via Investing.com and ad-hoc-news.de, corroborated by Endpoints News naming the same three drugs.
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