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Corporate Score 65 Moderately positive

UBS Raises Bristol-Myers Squibb Price Target Ahead of Milvexian Clinical Data Readout

Mar 10, 2026 17:19 UTC
BMY, XLV, AMGN
Short term

UBS has upgraded its price target for Bristol-Myers Squibb (BMY) to $85, reflecting optimism ahead of pivotal Phase 3 trial results for Milvexian, a novel factor XI inhibitor in development for thrombosis prevention. The move underscores growing confidence in the drug’s potential within the cardiovascular pipeline.

  • UBS raised BMY's price target to $85 amid anticipation of Milvexian Phase 3 data
  • Milvexian targets factor XI for thrombosis prevention with a potentially lower bleeding risk
  • Phase 3 results expected in mid-2026; potential market size of $5.8 billion annually
  • BMY's market cap is ~$160 billion, with strong sector representation in XLV
  • Positive data could boost investor confidence in cardiovascular biotech pipeline
  • AMGN shares rose 4.1% this week on related sector momentum

UBS has increased its price target for Bristol-Myers Squibb (BMY) to $85, citing the upcoming release of Phase 3 clinical data for Milvexian, a next-generation anticoagulant targeting factor XI. The data, expected in mid-2026, will evaluate Milvexian’s efficacy and safety in preventing major adverse cardiovascular events in high-risk patients. The upgrade reflects UBS’s view that positive results could position Milvexian as a differentiated therapy with a favorable bleeding risk profile compared to current anticoagulants. BMY’s market capitalization stands at approximately $160 billion, with its healthcare sector exposure amplified through its presence in the S&P 500 Health Care Select Sector ETF (XLV). The stock has outperformed the broader sector this year, rising 7.3% as investor attention focuses on late-stage candidates like Milvexian. The drug is being developed for the prevention of deep vein thrombosis and stroke in patients with atrial fibrillation, with a potential market estimated at $5.8 billion annually if approved. The catalyst is expected to influence not only BMY’s valuation but also broader biotech sentiment. Amgen (AMGN), another key player in cardiovascular and metabolic therapeutics, has seen a 4.1% uptick in its share price this week amid sector-wide optimism. Analysts suggest that a positive Milvexian readout could accelerate innovation in anticoagulant therapy, potentially reshaping treatment guidelines and expanding BMY’s commercial footprint in cardiology.

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