---
title: "Bristol-Myers Squibb: Zenbexus Phase III Validates Benefit but Competitive Pressures Keep Risk/Reward Balanced at Hold"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/301600608.md"
description: "William Blair analyst Matt Phipps maintains a Hold rating on Bristol-Myers Squibb (BMY) due to balanced risk/reward. While Zenbexus Phase III data validates clinical benefit, its advantage over newer therapies is less compelling than expected. Key head-to-head trials are needed to prove long-term differentiation against established regimens. Citi also issued a Hold rating with a $70 price target on October 9."
datetime: "2026-10-12T13:45:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/301600608.md)
  - [en](https://longbridge.com/en/news/301600608.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/301600608.md)
generator: "portal-rs"
---

# Bristol-Myers Squibb: Zenbexus Phase III Validates Benefit but Competitive Pressures Keep Risk/Reward Balanced at Hold

William Blair analyst Matt Phipps has maintained their neutral stance on BMY stock, giving a Hold rating on October 9.

Matt Phipps has given his Hold rating due to a combination of factors, balancing Bristol-Myers Squibb’s strong scientific position with competitive and execution risks. The company is launching a broad slate of new medicines, including Zenbexus, that can help offset looming patent expirations on major franchises like Revlimid and Eliquis, but the ultimate commercial impact of these launches is still developing.

The new Phase III data for Zenbexus validate its clinical benefit and reinforce the recent accelerated approval, yet the magnitude of benefit appears less compelling than that seen with newer bispecific and CAR-T therapies, which may limit upside versus expectations. Phipps also highlights that key head-to-head trials against established IMiD regimens remain critical for proving long-term differentiation, so until those readouts provide clearer evidence of durable commercial advantage, he views Bristol-Myers’s risk/reward profile as balanced, supporting a Hold stance rather than a more aggressive rating.

Phipps covers the Healthcare sector, focusing on stocks such as Cullinan Management, Amgen, and Argenx Se. According to TipRanks, Phipps has an average return of 0.8% and a 44.30% success rate on recommended stocks. 

In another report released on October 9, Citi also maintained a Hold rating on the stock with a $70.00 price target.

### Related Stocks

- [BMY.US](https://longbridge.com/en/quote/BMY.US.md)
- [AMGN.US](https://longbridge.com/en/quote/AMGN.US.md)
- [ARGX.US](https://longbridge.com/en/quote/ARGX.US.md)
- [C.US](https://longbridge.com/en/quote/C.US.md)

## Related News & Research

- [Bristol-Myers Spokesperson Says Grade 5 Event That Was Disclosed As Part Of Data Disclosure At Ms Toronto Occurred After Trial Pause](https://longbridge.com/en/news/302909326.md)
- [BUZZ-Bristol Myers rises on positive trial results for cancer and lung disease drugs](https://longbridge.com/en/news/301590676.md)
- [Why Is Bristol-Myers Squibb (BMY) In Focus After New Phase 3 Myeloma Data?](https://longbridge.com/en/news/300448973.md)
- [Bristol Myers Squibb says ZENBEXUS combo cuts multiple myeloma progression risk 51% in Phase 3 EXCALIBER-RRMM trial](https://longbridge.com/en/news/301263394.md)
- [Bristol Myers Squibb’s Zenbexus Delivers Major Blood Cancer Win, Cuts Progression Risk 51%](https://longbridge.com/en/news/301304214.md)

---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**