BMY Price Prediction Next Week
Based on the provided data and current market conditions, let's analyze BMY's price movement for the next trading week.
Technical Analysis
The stock is currently trading at $59.67, showing a positive momentum with RSI at 66.83, indicating approaching but not yet overbought conditions. The stock is trading above both its 20-day moving average ($56.92) and 200-day moving average ($49.18), suggesting a strong upward trend.
News Sentiment Analysis Recent news and developments show mixed but generally positive sentiment:
- BMY received FDA approval for Cobenfy (previously KarXT) for schizophrenia treatment. This is a significant development as it:
- Represents the first new class of medicine in several decades
- Has fewer side effects compared to existing treatments
- Could capture a substantial market share in the growing schizophrenia market
- The company's growth portfolio is showing promising developments, particularly in oncology therapies.
Price Prediction for Next Week
Target Prices:
- Support levels: $59.10 (recent low)
- Resistance levels: $60.43 (Fibonacci R2)
- Pivot point: $57.22
Based on technical indicators and news sentiment:
- Short-term target: $60.40-$61.00
- Stop-loss suggestion: $58.90
Trading Recommendation BUY with the following rationale:
- Strong technical momentum with price above key moving averages
- Positive catalyst with Cobenfy approval
- RSI showing strength but not yet overbought
- Fibonacci levels suggesting room for upward movement
The stock shows potential for continued upward movement in the coming week, supported by both technical and fundamental factors. The recent FDA approval of Cobenfy provides a strong catalyst for near-term price appreciation.
BMY Similar Chart Price Prediction
The price of BMY is predicted to go up 4.79%, based on the high correlation periods with ESRT. The similarity of these two price pattern on the periods is 92.76%.
BMY
ESRT
Up: 4.79%Similarity: 92.76%
BMY Revenue Forecast
BMY EPS Forecast
BMY FAQs
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BMY VS S&P500
Bristol is launching several new cancer and immunology drugs that can have high sales trajectories, given the high unmet medical need.
Oncology drug Opdivo holds the potential to radically shift the treatment paradigm in several cancer indications, which should result in annual peak sales of more than $10 billion.
The majority of Bristol's late-stage pipeline focuses on rare diseases, immunology, and cancer, where the Food and Drug Administration aggressively approves drugs and typically holds strong pricing power.
BMY Analyst's Forecast
Robyn Karnauskas
Truist Securities
Strong Buy
Price Target
$62 → $65
Upside
+14.33%
Truist raised the firm's price target on Bristol Myers to $65 from $62 and keeps a Buy rating on the shares as part of a broader research note previewing FY25 for large-cap biopharma. The sector has underperformed the SP500, and with uncertainty around macro environment, investors have remained cautious, the analyst tells investors in a research note. Truist adds however that tailwinds for the sector could emerge from continued execution on launches, mid-stage growth, key catalysts, and an incoming administration potentially being more pro-pharma than expected. For the company, the firm contends that Bristol Myers is well-positioned to execute on recent and near-term launches that will drive momentum through the later part of the decade, also pointing to strong sales growth across numerous commercial products including Reblozyl, Breyanzi, and Opdualag that look to continue into 2025.
Tim Anderson
B of A Securities
Hold
Price Target
$63
Upside
+8.56%
David Risinger
Leerink Partners
Hold → Buy
Price Target
$55 → $73
Upside
+23.59%