Bristol-Myers Squibb (BMY) down after pulling FDA application

 

Bristol-Myers Squibb (BMY) stock is down following the release of the company’s quarterly earnings report. Bristol-Myers beat the earnings per share consensus of $0.85 by $0.09, with revenues coming in-line with estimates, rising 9.6% year over year to $5.97 billion.

Shares of BMY were as low as 3% in pre-market trading on news that Bristol-Myers pulled its FDA application of Opdivo and Yervoy, which are used together in the treatment of lung cancer. BMY has been under pressure in recent weeks following the news of Bristol-Myers’ planned acquisition of Celgene (CELG). The company detailed projected revenues of over $50 billion from the Celgene acquisition by 2025, as stated in the Bristol-Myers update presentation release today.

Bristol-Myers Squibb Co is lower by -0.04% while the S&P 500 is up 0.1% as of 11:54 AM on Thursday, Jan 24. BMY has fallen -$0.02 from the previous closing price of $49.96 on volume of 10,134,335 shares. Over the past year the S&P 500 is lower by -6.92% while Bristol-Myers has fallen -21.68%. BMY earned $2.36 a share in the most-recent quarter, giving it a price-to-earnings ratio of 21.15.

Stock Score Report, InvestorsObserver’s proprietary scoring system gives BMY a score of 32 out of a possible 100. That score is based on three component scores. A fundamental score of 56, a long-term technical score of 9 and a short-term technical score of 32. Our proprietary system combines short and long-term technical factors, Wall Street’s opinion, and other fundamental factors into an overall score that measures a stock’s suitability for investment.

Meanwhile, the major indices are climbing. The NASDAQ has gained 0.55% to 7,064.40. The S&P 500 is up 0.1% to 2,641.28. The Dow Jones Industrial Average has risen 0.01% to 24,577.75.

Symbols: BMY CELG

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