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Monday, November 23, 2020

Schrödinger upgraded by BofA after collaboration with BMY

 

  • Schrödinger (SDGR +13.4%) upgraded by BofA analyst Michael Ryskin to Buy from Neutral.
  • The price target remains unchanged at $74.
  • Th upgrade was announced after the multi-target collaboration with Bristol-Myers Squibb (NYSE:BMY)
  • The analysts sees this deal as "a major validation" of the company's platform and model and a major step forward for the business.
  • He adds, under the pact Schrodinger will receive $55M in an upfront payment and up to $2.7B in various milestones, as well as sales-based payments.
  • He also points to the $1.6B in research and development milestones as "noteworthy" given his view that "these are typically more 'realistic' than long-term commercial targets.
  • https://seekingalpha.com/news/3638810-schrodinger-stock-scales-upgraded-bofa-after-collaboration-bmy

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