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  4. Bristol Myers Squibb Sliding on Milvexian Readout, Analysts See Data as “Risky”
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Bristol Myers Squibb Sliding on Milvexian Readout, Analysts See Data as “Risky”

By Vlad Schepkov Shares of Bristol Myers Squibb (NYSE:BMY) are trading 6% lower on Monday on the news the company’s AXIOMATIC-SSP study of milvexian failed to achieve primary...
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Bristol Myers Squibb Sliding on Milvexian Readout, Analysts See Data as “Risky” © Reuters. Bristol Myers Squibb (BMY) Sliding on milvexian Readout, Analysts See Data as “Risky”

By Vlad Schepkov

Shares of Bristol Myers Squibb (NYSE:BMY) are trading 6% lower on Monday on the news the company’s AXIOMATIC-SSP study of milvexian failed to achieve primary endpoint.

Over the weekend, BMY partook in the European Society of Cardiology (ESC) Congress 2022, where it announced results of a Phase 2 trial of its investigational oral factor XIa (FXIa) inhibitor, milvexian – the drug showed 30% relative risk reduction in recurrent symptomatic ischemic strokes and demonstrated a strong safety profile but failed to induce a dose response – the study’s primary objective.

A Cowen analyst sees the data as disappointing noting that “lack of dose response, no effect on covert infarcts, dose-related increase in major bleeds, imbalance in deaths, and higher AE discontinuation rate are new questions for milvexian which won't be answered until Phase III reports years from now.”

Post the readout, he views “Phase III program somewhat risky” and keeps the stock at “Market Perform” rating with a $85 Price Target.

A Guggenheim analyst comes off more positive and is “encouraged by the market opportunity this Phase 3 program opens up” but does voice similar concerns and sees “data presented as not warranting more than a 50% PoS on net clinical benefit.”

The analyst thus keeps his “2031 sales forecast of $3.4B unchanged” but reiterates a more bullish stance with a “Buy” rating on the shares.

BMY is trading just above $67 in mid-Monday session, down nearly 6%. The stock is still up ~9% YTD, vs a loss of nearly 27% for the broader biotech index XBI over the same period.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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