Bristol-Myers Squibb Co (NYSE:BMY) announced that CheckMate -026, a trial investigating the use of Opdivo(nivolumab) as monotherapy, did not meet its primary endpoint of progression-free survival in patients with previously untreated advanced non-small cell lung cancer (NSCLC) whose tumors expressed PD-L1 at ≥ 5%. The company will complete a full evaluation of the CheckMate -026 data and work with investigators on the future presentation of the results.
Giovanni Caforio, M.D., chief executive officer, Bristol-Myers Squibb, commented, “Opdivo has become a foundational treatment that is transforming cancer care across multiple tumor types. While we are disappointed CheckMate -026 did not meet its primary endpoint in this broad patient population, we remain committed to improving patient outcomes through our comprehensive development program, including the ongoing Phase 3 CheckMate -227 study exploring the potential of the combination ofOpdivo plus Yervoy for PD-L1 positive patients, and Opdivo plus Yervoy, or Opdivo pluschemotherapy in PD-L1 negative patients.” (Original Source)
Shares of Bristol Myers are falling nearly 19% to $61.30 in pre-market trading Friday. BMY has a 1-year high of $77.12 and a 1-year low of $51.82. The stock’s 50-day moving average is $74.10 and its 200-day moving average is $68.15.
On the ratings front, BMY has been the subject of a number of recent research reports. In a report issued on August 3, Jefferies Co. analyst Biren Amin reiterated a Hold rating on BMY. Separately, on July 29, Credit Suisse’s Vamil Divan reiterated a Buy rating on the stock and has a price target of $86.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Biren Amin and Vamil Divan have a total average return of 7.9% and 12.2% respectively. Amin has a success rate of 57% and is ranked #374 out of 4011 analysts, while Divan has a success rate of 66% and is ranked #233.
The street is mostly Bullish on BMY stock. Out of 10 analysts who cover the stock, 7 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $82.60, which represents a potential upside of 10% from where the stock is currently trading.