Morgan Stanley Believes Bristol-Myers Squibb Co. Could Move Significantly Over Next Several Months

In a report published Thursday, Morgan Stanley analyst David Risinger reiterated an Overweight rating and $60.00 price target on Bristol-Myers Squibb Co. (NYSE: BMY).

In the report, Morgan Stanley noted, “We think BMY stock could move up 10–15% to ~$57 on CheckMate 017 (squamous) success, and move down 5–10% to ~$47 if the trial continues.Stock reaction to CheckMate 057 (non-squamous) will depend upon whether 017 succeeded early or continued. Please see our scenarios diagram and assumptions on the next two pages of PDF, followed by a CheckMate 63 preview, plus a historical lung cancer data scorecard.”

Bristol-Myers Squibb Co. closed on Wednesday at $50.53.