Bristol Myers Squibb Stock In Focus After FDA Approves Cancer Drug: Retail Sentiment Brightens

Shares of Bristol Myers Squibb ($BMY) were in the spotlight on Friday after the U.S. Food and Drug Administration approved an injectable version of the pharmaceutical major’s cancer drug Opdivo.

Opdivo is reportedly part of PD-1 inhibitors class of drugs, known to aid the immune system's cancer-fighting abilities, Reuters reported.

A total of 495 patients were randomized to receive either “subcutaneous nivolumab and hyaluronidase-nvhy or intravenous nivolumab,” according to a FDA statement on the approval.

The approval includes indications for renal cell carcinoma; melanoma; non-small cell lung cancer; head and neck squamous cell carcinoma; colorectal cancer, hepatocellular carcinoma, esophageal carcinoma, gastric cancer; and esophageal adenocarcinoma, among other cancers. Opdivo Qvantig is not indicated in combination with intravenous ipilimumab, the statement added.

Following the news, retail sentiment on Stocktwits turned ‘extremely bullish’. Message volumes improved to ‘normal’.

Earlier this week, Bristol Myers also updated on results from its POETYK PsA-1 and POETYK PsA-2, the pivotal Phase 3 trials examining the efficacy and safety of Sotyktu in adults with active psoriatic arthritis.

Both trials met their primary endpoint, with a significantly greater proportion of Sotyktu-treated patients achieving ACR20 response after 16 weeks of treatment compared with placebo, the company said.

Bristol Myers is due to report its fourth quarter of 2024 on Thursday, February 6.

BMY stock is up 9% year-to-date.

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