October 7, 2026
Bonus Content: Bristol Myers at Nine Times Earnings: Is Leerink Priced In?
Dear Reader,
Elon Musk has spent years quietly developing a new machine.
It’s not a rocket… robot… or car…
Most investors have never heard of it.
But the United States Patent Office has already revealed how it works.
The evidence is buried inside Patent No. US 11,291,508 B2.
Click here to examine the discovery and the stocks connected to it.
Let me be clear…
This is something completely new.
If it works, it could open an enormous new market for artificial intelligence and launch what Wall Street veteran Matt McCall calls the sixth “Musk Stampede.”
Click here to see what Elon’s patented machine could make possible
Matt has spent more than 25 years identifying major technology trends before they became obvious.
Over that time, he has uncovered more than 50 stocks that later climbed 1,000% or more at their peak.
Now he believes one small public company could benefit as Elon brings this patented technology into the mainstream.
It’s already attracted an eight-figure investment from Nvidia.
And a major gathering beginning November 14th could bring fresh attention to the entire field.
Click here to learn how to get the name and ticker symbol before November 14th.
Good investing,
Matt McCall
Former Fox Business analyst, Editor of McCall Innovations Report
P.S. The patent is already public. The companies surrounding it are still almost entirely unwatched.
Bristol Myers at Nine Times Earnings: Is Leerink Priced In?
Hey there, bargain hunter. When a respected pharma analyst slashes his price target by nearly 20% and the stock bounces back within 48 hours to the level he just called fair value, you need to ask whether the market already knew something he is only now saying out loud.
Scoreboard
On October 5, 2026, Leerink Partners downgraded Bristol Myers Squibb from Outperform to Market Perform and cut its price target from $73 to $59, a reduction of just over 19%. BMY fell 3.83% that session, closing at $58.81. By October 6, the stock had recovered to $59.58, up about 1.3% from the prior close. Leerink’s bear-case target and the actual stock price are now separated by well under a dollar.
What Leerink Actually Said
Analyst David Risinger emphasized that upcoming clinical readouts pose significant risks, saying the firm changed its investment thesis after doing deeper work on key pipeline candidates expected to read out over the next several months. The three programs in the crosshairs:
- Admilparant, the experimental lung-disease drug, could disappoint on effectiveness or safety, including possible liver problems and low blood pressure. Leerink cut its 2032 sales estimate for the drug by 38%.
- Milvexian, a novel blood thinner, faces questions about whether it can match Eliquis in preventing strokes in patients with irregular heartbeat. Leerink trimmed its 2032 sales estimate by 25%.
- Cobenfy faces commercial headwinds from cheaper generic antipsychotics, which could limit demand even if it wins approval for Alzheimer’s-related psychosis.
In total, Leerink cut its 2032 EPS estimate by 11% to $4.96. That is the bear case in one number.
The Business Behind the Valuation
Bristol Myers is a global biopharmaceutical company built on oncology, cardiovascular, and neuroscience franchises. Its portfolio includes notable products like Opdivo and Reblozyl, with a market capitalization of roughly $122 billion as of October 6, 2026. The core tension is straightforward: the market expects revenue and earnings growth to slow, and perhaps reverse, once Bristol Myers starts facing generic and biosimilar competition for Eliquis and Opdivo.
Is It Cheap?
BMY trades at just about 9 times forward earnings. That is not a modest discount. It is the market telling you the patent cliff is coming and demanding compensation for sitting through it. Investors are also collecting roughly a 4% dividend yield while they wait. The broader analyst consensus still rates the stock a Moderate Buy, with an average target around $67 from about 25 analysts. Leerink is the outlier at $59, and right now the stock is trading at about that level.
Bull, Base, Bear
- Bull: Admilparant and milvexian both read out with clean data. At 9x forward earnings, any positive pipeline catalyst is asymmetric. Piper Sandler still carries an $82 target with an Overweight rating.
- Base: Pipeline results are mixed. BMY grinds in the high $50s to mid-$60s, dividend covers you at 4%-plus, and you wait for Q3 results on October 29.
- Bear: Two or three pipeline disappointments land and Leerink’s revised $4.96 EPS estimate for 2032 proves optimistic. At 9x that number, the floor becomes uncomfortable quickly.
Action Plan
The stock is sitting precisely at Leerink’s target. That is not a coincidence worth ignoring. If you do not own it, the entry here is defensible in a half-position, with the other half reserved for after October 29 earnings. If you already own it, hold: the valuation was never built on the pipeline, and the 4% dividend is real cash.
Cheap Investor Checklist
- Forward P/E below 10: confirmed at approximately 9.1x
- Dividend yield above 4%: confirmed at 4.23%
- Admilparant Phase 3 readout: watch for efficacy and liver-safety signals
- Milvexian atrial fibrillation data: key comparison vs. Eliquis
- Cobenfy Alzheimer’s psychosis Phase 3 result: commercial uptake potential
- Q3 2026 earnings call, October 29: listen for full-year guidance revision
- Analyst consensus target vs. Leerink: about $67 average vs. $59 Leerink. Gap is your margin of safety range.
- 52-week low of $42.52: true worst-case floor if multiple trials fail
Bottom Line
If at least one of the three flagged programs delivers, BMY at nine times forward earnings looks like a gift. If all three disappoint, Leerink’s caution will look prescient and the stock revisits the low $50s. The dividend cushions the wait either way. Position accordingly, and let October 29 do the talking.
