On Thursday, the FDA approved Bristol Myers Squibb & Co’s (NYSE:BMY) Cobenfy (xanomeline and trospium chloride, KarXT), an oral medication for schizophrenia in adults.
BMO Capital analyst notes that the FDA approval without a boxed warning is a significant positive for Bristol Myers shares.
The analyst notes that given that many prior antipsychotic medications received black box warnings due to increased mortality risks, particularly in elderly patients, Cobenfy’s absence of such a warning could significantly enhance its potential in treating Alzheimer’s related-psychosis, pending further clinical trials.
BMO projects peak sales of $2.4 billion for Cobenfy in schizophrenia and $3.9 billion in Alzheimer’s related-psychosis, raising the price target to $53 from $48, with a Market Perform ...
