Shares of Bristol Myers Squibb BMY are trading lower after Barclays cut the company from overweight to equal-weight and reduced the price target from $65 to $46.
Barclays is not a huge fan of the pharmaceutical industry as a whole right now, citing modest growth and pipelines that appear to be priced into valuations.
Lead analyst Mark Purcell commented on the call, “BMY's leadership is being challenged in an increasingly competitive immunoncology space as competitors broaden their portfolios and development programs.”
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Barclays’ price target, which was derived with a DCF model, is inline with the market price. Purcell writes, “BMY shares appear fully valued in the absence of corporate activity or an incremental change in the outlook for I/O.”
Briston Myers Squibb shares were last trading down 0.9 percent shortly after Wednesday’s open.
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