Bristol-Myers Squibb (BMY) Stock Surges on Cobenfy Trial Twist and AI Milestone: Full Outlook as of December 3, 2025

Bristol-Myers Squibb Company (NYSE: BMY) is back in the spotlight. On December 3, 2025, the pharma giant’s share price jumped more than 6% intraday to around $51.32, extending a multi‑day rebound driven by a mix of clinical trial news, AI‑driven R&D milestones, and fresh analyst calls. ^[1]

At the same time, investors are weighing sizable legal risks and an approaching patent cliff — making BMY one of the more eventful large‑cap healthcare stocks to watch into 2026.

Below is a comprehensive, SEO‑friendly rundown of today’s Bristol-Myers Squibb stock news, forecasts, and analysis as of December 3, 2025.

BMY Stock Price Today: Rebound Gathers Pace

As of early afternoon trading on December 3, 2025, BMY shares were:

Trading around: $51.32
Up on the day: +6.36%
Market cap: ~$104.5 billion
52‑week range: $42.52 – $63.33
Dividend yield: ~4.8% on an annual dividend of $2.48 per share
Trailing P/E: ~17.3; forward P/E: ~8.2
Beta: roughly 0.30, underscoring its lower‑volatility profile vs. the broader market ^[2]

The move continues a rally that began in late November as the market digested strong Q3 results, a rich hematology and cell‑therapy update, and a string of analyst and quant-model upgrades. ^[3]

Cobenfy Alzheimer’s Trial: Why a Delay Pushed BMY Higher

The main catalyst today is Bristol-Myers Squibb’s update on its ADEPT‑2 Phase 3 trial of Cobenfy (the KarXT‑derived muscarinic agonist acquired via the Karuna deal) in psychosis associated with Alzheimer’s disease.

What BMS announced

In a Business Wire release on December 3, BMS said it had found irregularities at a small number of clinical trial sites in ADEPT‑2. After a blinded review and consultation with the FDA, the company decided to exclude data from those sites and enroll additional patients to restore study integrity. ^[4]

Key points from the company:

An independent interim analysis reviewed by the Data Monitoring Committee (DMC) recommended the trial continue with additional enrollment.
BMS remains blinded to efficacy data.
Additional readouts from the ADEPT program (ADEPT‑1, -2 and -4) are expected by end‑2026. ^[5]

Why investors liked it

Normally, trial delays scare investors. But coverage today from outlets like Investor’s Business Daily and other analysis notes that continuation after an independent review is often interpreted as “not a failure” signal. The ADEPT‑2 delay, now pushing final results to late 2026, came with reassurance that regulators and the DMC saw sufficient reason to keep going. ^[6]

Cobenfy is already approved for schizophrenia and represents a major commercial opportunity in Alzheimer’s psychosis, an area with limited treatment options. A successful label expansion would add a new, high‑value growth driver at a time when BMS is preparing for major patent expiries later in the decade. ^[7]

Net result: the market framed today’s news as a necessary housekeeping delay in a high‑stakes program, rather than a thesis‑breaking setback — helping propel BMY stock sharply higher.

AI-Driven Drug Discovery: Terray Milestone Underscores BMY’s Tech Push

The second key headline on December 3, 2025 comes from Terray Therapeutics, which announced an AI‑enabled drug discovery milestone in its multi‑target collaboration with Bristol-Myers Squibb. ^[8]

Terray’s press release highlights:

The milestone was achieved using EMMI, Terray’s AI‑native platform that combines a 13‑billion‑plus target–ligand binding dataset with high‑throughput experimentation and generative models. ^[9]
The collaboration is focused on difficult‑to‑drug small‑molecule targets that lack obvious starting chemistry.
BMS supplies disease‑area targets and will ultimately take over development and commercialization of selected compounds. ^[10]

This milestone meshes with recent coverage from Accenture describing how Bristol-Myers has deployed more than 30 generative AI solutions across R&D, clinical development, supply, and commercialization to accelerate drug development and reduce costs. ^[11]

From an equity story standpoint, the Terray update:

Reinforces the “innovation + AI” narrative around BMY’s pipeline.
Suggests potential long‑term R&D productivity gains at a time when investors are scrutinizing how big pharma will replace aging blockbusters.
Adds a modest but positive sentiment boost in today’s risk‑on tape.

Hematology and Cell Therapy Momentum: ASH 2025 and Breyanzi

Beyond today’s headlines, Bristol-Myers is leveraging a deep hematology and cell‑therapy pipeline that featured heavily in news on December 1–2 and still shapes sentiment on December 3.

ASH 2025 data drop

Ahead of the ASH 2025 meeting, BMS announced more than 95 data disclosures, including 27 oral presentations, spanning multiple next‑generation hematology programs. ^[12]

Highlights include:

Iberdomide (oral CELMoD) in newly diagnosed multiple myeloma, showing deep and sustained responses in maintenance and combination settings. ^[13]
Golcadomide, another CELMoD, delivering durable responses across aggressive and indolent lymphomas. ^[14]
A first‑in‑class BCL6 ligand‑directed degrader with promising efficacy and tolerability in relapsed/refractory non‑Hodgkin lymphoma. ^[15]
Long‑term Breyanzi (lisocabtagene maraleucel) data confirming durable benefit and high survival in large B‑cell lymphoma and follicular lymphoma. ^[16]

This comprehensive ASH package supports the case that BMS has a next‑generation hematology and cell‑therapy engine deep enough to help offset the coming patent cliff.

Breyanzi approvals and upcoming decision

In late November, the European Commission approved Breyanzi in relapsed or refractory mantle cell lymphoma (MCL) after at least two prior lines of therapy, based on strong response rates and durability data from the TRANSCEND NHL 001 program (overall response ~83%, complete response ~72%). TS2 Tech

Next up:

The FDA is expected to rule by December 5, 2025 on expanding Breyanzi to relapsed/refractory marginal zone lymphoma (MZL), where Phase 2 data showed ~95% response rates and robust 24‑month durability metrics. TS2 Tech

These cell‑therapy expansions:

Add high‑margin oncology revenue less exposed to the 2028‑2030 patent cliff for legacy blockbusters like Eliquis and Opdivo. TS2 Tech+1
Reinforce BMS’s leadership in CAR‑T cell therapy, where it now has multiple approved indications across major markets. ^[17]

Legal Overhang: Celgene CVR Case and Texas Plavix Lawsuit

Even as the pipeline news improves, legal risks remain a key part of the Bristol-Myers Squibb stock story.

$6.7 billion Celgene CVR lawsuit moves forward

On December 1, 2025, a U.S. federal judge in New York rejected BMS’s bid to dismiss a $6.7 billion lawsuit tied to contingent value rights (CVRs) created in its 2019 acquisition of Celgene. ^[18]

According to Reuters:

The trustee UMB Bank alleges BMS failed to use diligent efforts to secure timely FDA approvals for three drugs — including the CAR‑T therapy Breyanzi — which would have triggered an extra $9 per Celgene share via CVRs. ^[19]
The judge dismissed some claims but allowed others, including breach of contract and bad‑faith allegations around delisting the CVRs, to proceed.
BMS has been given three weeks to formally respond.

The ruling does not mean BMS will automatically pay $6.7 billion, but it keeps a large, uncertain liability alive and ensures the issue remains in focus for equity holders. ^[20]

Texas sues over Plavix

On November 20, 2025, Texas Attorney General Ken Paxton filed a separate lawsuit accusing Bristol Myers and Sanofi of failing to disclose that their blood thinner Plavix (clopidogrel) is less effective in many Black, Asian and Pacific Islander patients. ^[21]

The complaint seeks civil fines and damages under state fraud statutes. BMS and Sanofi have denied the allegations, stating that the totality of scientific evidence supports Plavix as safe and effective regardless of race or genetics. ^[22]

Together, the Celgene CVR case and the Plavix lawsuit add uncertainty to the BMY investment case and may partially explain the stock’s valuation discount to peers.

Fundamentals: Q3 2025 Results and Guidance

Bristol-Myers’ Q3 2025 report, released October 30, supplied the fundamental backdrop for today’s price action. ^[23]

Key numbers:

Total revenue: $12.2 billion, up 3% year‑over‑year (+2% ex‑FX).
Growth Portfolio revenue: $6.9 billion, up 18% (+17% ex‑FX), driven by the immuno‑oncology franchise (Opdivo, Yervoy, Opdualag), Reblozyl, Breyanzi, Camzyos, and other newer drugs. ^[24]
Legacy Portfolio revenue: $5.4 billion, down 12%, reflecting the expected generic erosion for older brands despite solid Eliquis demand. ^[25]
GAAP EPS: $1.08 (up sharply vs. $0.60 a year earlier).
Non‑GAAP EPS: $1.63 vs. $1.80, with a drag from IPR&D charges and licensing income. ^[26]

Management also raised 2025 revenue guidance to about $47.5–48.0 billion and guided non‑GAAP EPS to $6.40–6.60. ^[27]

This mix of rising growth‑portfolio sales, shrinking legacy products, and solid but pressured earnings is exactly what analysts are trying to model as they forecast BMY’s path through the patent cliff.

Analyst Ratings and Price Targets as of Early December 2025

Street consensus: “Hold” with moderate upside

Data collated by StockAnalysis and GuruFocus show:

Average rating: “Hold” from 11–30 covering analysts.
12‑month price target:
- $55.82 average from 11 analysts (range: $34–$68), implying ~8.8% upside from current levels. ^[28]
- A broader sample of 24 analysts yields an average target of around $52.29 (range: ~$33–68), implying ~7–8% upside from a sub‑$49 reference price. ^[29]

Fresh analyst actions around December 3

Goldman Sachs (Dec 2, 2025): Maintained a Neutral rating but raised its BMY price target from $51 to $57, an 11.8% increase, reflecting a somewhat more constructive view despite lingering growth concerns. ^[30]
Truist Securities (Dec 3, 2025): Reiterated a Buy rating with a $65 price target, describing its outlook as “overall positive” for Bristol-Myers Squibb. ^[31]
Cantor Fitzgerald (Nov 24; highlighted Dec 3 coverage): Reaffirmed a Neutral rating and $45 target, calling recent FXIa data “a needed win” for BMY’s milvexian program but noting that sentiment will ultimately hinge on future ADEPT‑2 and milvexian Afib trial readouts. ^[32]

Netting these out, the sell‑side picture is mixed:

A cluster of Neutral/Hold ratings with targets in the low‑ to mid‑$50s.
A bullish camp (e.g., Truist) pointing to undervaluation and pipeline optionality with targets in the mid‑$60s.
A cautious camp focusing on patent‑cliff and legal headwinds with low‑$40s targets.

Quant and Algorithmic Forecasts: Bullish, With Caveats

Alongside traditional analyst models, several quant and algorithmic services have updated their BMY stock forecasts around December 3–4.

Technical and pattern-based models

Intellectia.ai flags 8 buy vs. 3 sell technical signals and labels BMY a “Strong Buy” on a technical basis, with most short‑ and long‑term moving averages in bullish alignment. However, one of its pattern‑matching models actually projects a ~12% pullback over the next month, highlighting the volatility of such pattern‑based forecasts. ^[33]
The same platform notes that BMY’s share price is down about 10% in 2025 despite a small gain in 2024, underscoring why value‑oriented investors are taking a fresh look now. ^[34]

AI-driven price predictions

CoinCodex’s machine‑learning model projects that BMY could trade in a $48–54 range in December 2025, with an average yearly price around $51.77, implying a modest 5–6% full‑year return vs. recent prices. More aggressively, it forecasts a one‑year price of about $72, roughly 50% above current levels, and labels BMY “a good stock to buy” based on its algorithmic outlook. ^[35]
StockScan, which ties its longer‑term forecasts more explicitly to fundamentals, expects:
- An average 2026 price near $61.4, roughly 20% above today’s levels.
- An average 2027 price near $64.2 and 2028 near $69.5, suggesting substantial upside if its assumptions on earnings and multiples hold.
- However, by 2030 it projects an average price around $49.8, slightly below today’s quote, reflecting the uncertainties around the patent cliff and long‑term growth. ^[36]

These quant forecasts are not investment advice and often assume stable macro conditions and execution — but they illustrate how some algorithmic models see meaningful upside in the next 1–3 years, followed by a flatter long‑term path.

Valuation: Is Bristol-Myers Squibb Stock Undervalued?

Several fundamental research platforms argue that BMY remains undervalued even after the recent bounce.

Simply Wall St notes that, at a recent price near $48.25, its fair‑value model pegs BMY’s intrinsic value at around $53, labeling the stock roughly 9% undervalued. The most popular narrative on the platform emphasizes BMY’s robust late‑stage pipeline, life‑cycle management, and strategic partnerships (e.g., BioNTech, Philochem, Bain) as drivers that could offset patent expiries and underpin earnings. ^[37]
The site also highlights BMY as a “6‑star dividend payer and undervalued”, although it warns that patent expiries and U.S. pricing pressure could quickly undermine optimistic margin assumptions. ^[38]

Meanwhile, valuation metrics from StockAnalysis show:

Forward P/E near 8x, well below many large‑cap pharma peers that often trade in the mid‑teens on forward earnings. ^[39]
A dividend yield around 4.8–5.0%, attractive to income‑oriented investors, especially in the context of a low‑beta stock (~0.30). ^[40]

Taken together, much of the bullish valuation case for Bristol-Myers Squibb stock hinges on three points:

The pipeline (Cobenfy, milvexian, CELMoDs, cell therapy, Alzheimer’s programs) will generate enough growth to smooth out the patent cliff. ^[41]
Legal and regulatory risks (Celgene CVRs, Plavix, pricing) will be manageable, not catastrophic. ^[42]
The current valuation discount more than compensates long‑term holders for these risks.

Key Themes to Watch for BMY in 2026 and Beyond

Looking ahead from December 3, 2025, the Bristol-Myers Squibb stock narrative revolves around a few core themes:

1. Alzheimer’s and neuroscience execution

Successful completion of ADEPT‑2 and other Cobenfy Alzheimer’s psychosis trials by late 2026 would add a large, durable new franchise. ^[43]
Fast‑track designation for BMS’s anti‑MTBR‑tau antibody BMS‑986446 in early Alzheimer’s disease could, if successful, open one of the largest markets in medicine — but is still in Phase 2 and high‑risk. TS2 Tech

2. Milvexian and the FXIa class

After the Librexia‑ACS trial was halted for lack of efficacy, sentiment around FXIa inhibitors was shaky. Benzinga notes that Bayer’s positive Phase 3 OCEANIC‑STROKE data for its FXIa agent asundexian has improved confidence that FXIa inhibition can reduce thrombosis without excess bleeding — a positive read‑through for milvexian. ^[44]
William Blair and Cantor Fitzgerald see milvexian as a key upside swing factor but emphasize that the optimal dosing in stroke and Afib remains an open question. ^[45]

3. Hematology and CAR‑T expansion

Continued approvals and label expansions for Breyanzi and other hematology assets will determine how much high‑margin growth BMS can layer in before the 2028‑2030 patent cliff. ^[46]

4. AI and R&D productivity

The Terray milestone and BMS’s broader use of generative AI across R&D and development could translate into faster cycle times and lower attrition, but investors will want to see these tools produce tangible late‑stage winners. ^[47]

5. Litigation outcomes and balance sheet flexibility

Resolution of the Celgene CVR suit (through trial or settlement) and the Plavix case will influence both capital allocation (buybacks, dividends, M&A) and market sentiment. ^[48]

Bottom Line: How Should Investors View Bristol-Myers Squibb Stock Today?

As of December 3, 2025, the picture for Bristol-Myers Squibb (BMY) stock looks like this:

Short term:
- Momentum is positive, with shares rallying on the Cobenfy trial continuation and AI discovery milestone news. ^[49]
- Technical and algorithmic models lean bullish, though some anticipate near‑term pullbacks after rapid gains. ^[50]
Medium term (2026–2028):
- Street and quant forecasts generally imply high‑single‑ to mid‑double‑digit upside over the next 12–36 months if key pipeline programs execute and the dividend remains intact. ^[51]
- Success in Alzheimer’s psychosis, FXIa, and hematology could meaningfully re‑rate the stock.
Long term:
- The patent cliff, legal risks, and U.S. pricing pressure remain serious headwinds. Several long‑horizon models (and some skeptical analysts) see a flatter or even slightly lower real return for BMY into the next decade unless new blockbusters fully backfill legacy products. ^[52]

For income‑oriented or value‑oriented investors, Bristol-Myers Squibb stock combines:

A high dividend yield,
Low beta and defensive sector exposure, and
A pipeline heavy on oncology, hematology and neurology that could create significant optionality.

However, this article is for information and news purposes only and does not constitute investment advice. Bristol-Myers Squibb remains a complex, event‑driven story: anyone considering BMY stock should carefully review the company’s SEC filings, risk factors, and their own risk tolerance — or consult a qualified financial advisor.