Bristol-Myers Squibb Co (NYSE:BMY) announced that the European Commission has approved ORENCIA ® (abatacept) intravenous (IV) infusion and subcutaneous (SC) injection, in combination with methotrexate (MTX), for the treatment of highly active and progressive disease in adult patients with rheumatoid arthritis (RA) not previously treated with MTX. With this approval, ORENCIA is the first biologic therapy with an indication in the European Union (EU) specifically applicable to the treatment of MTX-naive RA patients with highly active and progressive disease. Studies of ORENCIA involving adult patients with high disease activity (mean DAS28-CRP of 5.4) accompanied by poor prognostic factors for rapidly progressive disease (positive for anti-CCP antibodies (also known as ACPA), and/or RF+, presence of baseline joint erosions) provided the clinical trial evidence supporting the recommendation. This approval allows for the expanded marketing of ORENCIA in all 28 Member States of the EU.
“Across the globe we remain committed to advancing care for those living with RA. The European Commission’s approval of ORENCIA in the EU for MTX-naive RA patients who have highly active and progressive disease is a testament to Bristol-Myers Squibb’s commitment to advancing the science of earlier identification of patients with progressive RA prior to their suffering debilitating joint damage,” said Brian J. Gavin, Vice President, ORENCIA Development Lead at Bristol-Myers Squibb. (Original Source)
Shares of Bristol Myers Squibb closed last Friday at $56.35, down $0.41 or -0.72%. BMY has a 1-year high of $77.12 and a 1-year low of $55.11. The stock’s 50-day moving average is $65.74 and its 200-day moving average is $67.95.
On the ratings front, BMY has been the subject of a number of recent research reports. In a report issued on September 1, BMO analyst Alex Arfaei maintained a Hold rating on BMY. Separately, on the same day, Leerink Swann’s Seamus Fernandez reiterated a Buy rating on the stock and has a price target of $75.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alex Arfaei and Seamus Fernandez have a total average return of 6.0% and 4.8% respectively. Arfaei has a success rate of 65% and is ranked #634 out of 4147 analysts, while Fernandez has a success rate of 50% and is ranked #819.
The street is mostly Neutral on BMY stock. Out of 15 analysts who cover the stock, 9 suggest a Hold rating and 6 recommend to Buy the stock. The 12-month average price target assigned to the stock is $74.33, which implies an upside of 32% from current levels.
Bristol-Myers Squibb Co. engages in the discovery, development, licensing, manufacturing, marketing, distribution, and sale of biopharmaceutical products. Its pharmaceutical products include chemically-synthesized drugs or small molecules and an increasing portion of products produced from biological processes called biologics. Bristol-Myers biopharmaceutical research and development efforts in the affective (psychiatric) disorders, Alzheimer’s/dementia, cardiovascular, diabetes, hepatitis, HIV/Acquired Immunodeficiency Syndrome (AIDS), oncology, immunologic disorders and fibrotic disease areas.