Bullish on Bristol Myers Squibb
Update 9/27/2024: Cobenfy (formerly KarXT) was Approved by the FDA. 1st Schizophrenia drug in a long time, and the 1st that doesn’t block Dopamine. Which is a common reason people stop taking their medicine.
Update 10/3/2024: The U.S. Food and Drug Administration (FDA) approved Opdivo ® (nivolumab) for the treatment of adult patients with resectable (tumors ≥4 cm or node positive) non-small cell lung cancer (NSCLC) and no known epidermal growth factor receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements, for neoadjuvant treatment, in combination with platinum-doublet chemotherapy, followed by single-agent Opdivo as adjuvant treatment after surgery – otherwise referred to as perioperative therapy, which is used before and after surgery. 1
Overview
Bristol Myers Squibb (BMY) is a major pharmaceutical company with a strong portfolio of cancer, cardiovascular, and autoimmune treatments. $BMY is listed on the New York Stock Exchange and will be closely watched by investors due to upcoming FDA trials that could possibly impact its future growth. After discussing the upcoming FDA Trials I will give my technical analysis on the stock.
Upcoming FDA Trials
1. KarXT (Schizophrenia Treatment)
This Drug used will be used to treat Schizophrenia in Adults if granted FDA approval for it’s new drug application. This drug was acquired through the merger with Karuna Therapeutics. If approved on 9/26/2024 it should have a positive effect on the share price of $BMY.
2. Opdivo (Nivolumab – Immunotherapy)
Opdivo is one of $BMY‘s flagship immunotherapy drugs, already approved for multiple cancer types. Ongoing trials are exploring its combination with other treatments for lung cancer, kidney cancer, and esophageal cancer. New FDA reviews for expanded uses of Opdivo are anticipated in 10/8/2024, which could further solidify $BMY’s position in the immunotherapy market.
The Impact
Positive outcomes from these trials could lead to significant revenue boosts for $BMY, potentially driving the stock price higher. In particular, KarXT will help expand Bristol Meyers Squibb’s Anti-psychotic medications, while Opdivo’s expanded approvals could strengthen BMS’s leadership in oncology. However, setbacks or delays in FDA approvals could negatively impact investor confidence and stock performance.
Future Outlook
Bristol Myers Squibb’s upcoming FDA trials for KarXT and expanded uses for Opdivo are key events to watch in 2024. The success of these drugs could have a major impact on both patients and the company’s financial performance, making these FDA dates critical for investors and the healthcare community alike. The Chart seems to show a CUP with HANDLE Pattern with a Breakout imminent. That coupled with the fact that has 2 FDA dates in the near future could mean the Stock continues to run.