Bristol Myers Slips 3% as Street Questions Admilparant Dose Response
BMY sits 34% above its 52-week low of $42.52.
Summary
Bristol Myers Squibb shares reversed early gains to trade down ~3% as analysts digested mixed Phase 3 results for admilparant in idiopathic pulmonary fibrosis. The ALOFT-IPF trial met its primary endpoint at the 60 mg dose but not at 120 mg, raising questions about dose response. Leerink's David Risinger called the results mixed, noting the lack of dose response could raise regulatory concerns, while Cantor's Carter Gould cautioned on the magnitude of benefit. William Blair's Matt Phipps sees blockbuster potential for the 60 mg dose given its novel mechanism. Contineum Therapeutics, a competitor with PIPE-791 in Phase 2 for IPF, fell ~33% on the news. This follows Bristol's earlier announcement of positive topline results, but the market's negative reaction reflects deeper scrutiny of the data.
At the time of this announcement, BMY was trading at $57.00 on NYSE in the Life Sciences sector, with a market capitalization of approximately $116.4B. The 52-week trading range was $42.52 to $68.64. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.