Bristol-Myers Squibb (NYSE:BMY) stock is falling on Monday after a couple of updates that are weighing on BMY shares today.
The first bit of news worth noting is the results from a clinical trial of Bayer’s (OTCMKTS:BAYRY) blood-thinning drug candidate asundexian. The bad news here is the drug was shown to be less effective than Eliquis, a blood thinner made by Bristol-Myers and Pfizer (NYSE:PFE).
The reason this is troubling BMY stock is that the company has a trial underway for a similar candidate in development with a subsidiary of Johnson & Johnson (NYSE:JNJ). This has investors concerned that results from that clinical trial could fail to provide promising data.
BMY Stock Drops on Cancer Drug Update
To go along with that other news, Bristol-Myers Squibb is waiting for further updates from the Food and Drug Administration (FDA) concerning cell therapy Abecma. This is a treatment designed for adult patients with multiple myeloma.
The big news here is the FDA won’t meet the Dec. 16 deadline to answer questions about using Abecma in earlier lines of treatment. As such, investors will have to wait for more concrete answers as Bristol-Myers Squibb seeks additional meetings with the regulator.
BMY stock is down 2.2% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
