On July 15, Bristol-Myers Squibb rose 3.02% in regular trading, trading at $58.64/share, with turnover of $90.52 million. The rally was primarily driven by the FDA's acceptance of the company's New Drug Application for mezigdomide.
On July 13, the U.S. Food and Drug Administration formally accepted Bristol-Myers Squibb's NDA for mezigdomide in combination with carfilzomib and dexamethasone for the treatment of relapsed or refractory multiple myeloma. The FDA assigned a PDUFA target action date of May 13, 2027. The filing was supported by a Phase 3 trial demonstrating a 52% reduction in disease progression or death risk, with median progression-free survival extending to 18 months versus 8.3 months for the control arm, alongside overall response rates of 80.2% versus 53.4%.
Additionally, RBC Capital Markets noted that Bristol-Myers Squibb is expected to deliver solid Q2 results, with a pivotal second half featuring milestones for Milvexian anti-stroke and Cobenfy Alzheimer's candidates, while the CELMoD platform remains underappreciated by the market. RBC maintains a $60 price target.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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