Bristol-Myers Squibb introduced a $2 billion share buyback program, sending shares of the biopharmaceutical firm up 4% on Monday.
Bristol-Myers’ (BMY) extra share buyback plan brings the whole inventory repurchase authorization to roughly $6.4 billion.
Individually, Bristol-Myers introduced the collaboration with healthcare firm, Grail, to judge early detection expertise for most cancers MRD (minimal residual illness). (See BMY stock analysis on TipRanks).
On Dec. 15, Goldman Sachs analyst Terence Flynn raised the inventory’s value goal to $86 (32.4% upside potential) from $82 and maintained a Purchase ranking. The analyst mentioned that the corporate’s industrial execution, sturdy product pipeline, and FDA approvals would assist drive vital development. Flynn added that he expects the corporate to generate income of $13 billion in 2025.
From the remainder of the Road, the inventory scores a bullish outlook with the analyst consensus of a Sturdy Purchase based mostly on 9 Buys and three Holds. The common analyst price target of $75.20 implies upside potential of about 15.8% to present ranges. Shares have gained 2.4% over the previous 12 months.
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