Bristol-Myers Squibb Co (NYSE: BMY)
Bristol-Myers Squibb was off to what seemed like it was going to be a great day in the market today. At the opening bell, the stock was trading in the green. After the bell, we saw a continuation of upward movement, bringing the stock to relatively impressive gains early on. However, minutes ago, the stock started to take a dive. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to BMY ahead.
What We’re Seeing From BMY
As mentioned above, Bristol-Myers Squibb looked like it was going to have a strong trading session in the market today. When the market opened, the stock was already in the green. From there, it started on a strong trend upward. That is, until minutes ago, when the stock took a turn for the worse, quickly making a run to the red. Currently (10:08), BMY is trading at $59.39 per share after a loss of $0.74 per share (1.23%) thus far today.
Why The Stock Is Falling
As usual, our partners at Trade Ideas were the first to alert us to the declines on BMY. As soon as they did, the CNA Finance team started working to see what exactly was causing the movement. In this case, it didn’t take very long to dig up the news. It seems as though the declines are being caused by a trial suspension.
Minutes ago, Bristol-Myers Squibb announced that it has suspended a randomized phase II trial. The trial surrounded nivolumab in combination with ipilimumab in patients with sarcoma that has spread from the primary site to other parts of the body or cannot be removed by surgery. Unfortunately, the trial has been suspended for the time being. For details on the suspension, click here.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BMY. In particular, we’ll be watching to see news with regard to this trial, the suspension, and what to expect moving forward. We’ll be watching the news and bringing it to you as it breaks!
Update – In further research, we found that the trial has not been suspended. Registration is suspended as pre-registration limits have been met. This is great news, my friends!
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[Image Courtesy of PEXELS]