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Bristol Meyers Squibb Opdivo

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.

Opdivo Logo Bristol Myers Squibb

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.

Bristol Myers Squibb BMY Chart

Bristol Myers Squibb BMY Chart

Possibly up to $60 a share by the October 8th date for 2nd FDA date. The 1st on September 26th is for a new drug called KarXT that could help Treat Schizophrenia in Adults. Then on October 8th we will find out if a drug already approved can be used for more cancers. After performing well in 2023 OPDIVO’s sales dropped 6% for Q1 2024. However after the sales drop, layoffs, and restructuring it seems $BMY is poised to run a bit. If OPDIVO gets approved for more cancers the sales could increase dramatically. That coupled with the Cup & Handle Pattern Bristol Myers Squibb could present a great opportunity for some nice gains.

DISCLAIMER: This is NOT FINANCIAL ADVICE, I am NOT a FINANCIAL ADVISOR. I have a very SMALL Amount INVESTED in this STOCK / COMPANY and I have been wrong MANY times before. I arrived at a BULLISH Sentiment after the analysis written above. As always DO YOUR OWN RESEARCH! Only risk what YOU can AFFORD TO LOSE!
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