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The FDA has undertaken an investigation of T-cell malignancies in patients undergoing CAR T-cell therapy treatment. Therapies from NVS, BMY and GILD are under the spotlight.
Bristol Myers has agreed to pay Avidity $60 million in cash and will also purchase about $40 million of Avidity common stock at $7.88 a share.
Avidity Biosciences soared 35% in pre-market trading after announcing a global licensing and research collaboration with Bristol-Myers Squibb Co (NYSE:BMY). The pact is focused on the discovery, development and commercialization of multiple cardiovascular targets with potential cumulative payments of up to $2.3 billion.
Bristol-Myers Squibb Company is down 40%, while the market is up 20%. The reason is the collapse in its growth outlook created by patent cliffs. Despite some amazing growth in new drugs, Bristol's three super mega-blockbuster patent cliffs are creating zero-growth headwinds for the foreseeable future. Even without growth, Bristol-Myers is 28% undervalued, yielding the most in 15 years, and offers 50% upside return potential over the next 2 years.
Avidity Biosciences Inc. RNA said Tuesday it's expanding its cardiovascular collaboration with Bristol Myers Squibb Co. BMY in a deal that will see Avidity receive $100 million upfront with the potential to earn up to $2.2 billion in milestone payments. The news sent Avidity's stock up 21% in premarket trade.
When bad news happens to good companies, it just might be a signal to consider buying shares. Johnson Controls has a solid business, but its stock is down thanks to less-than-ideal guidance.
Bristol-Myers Squibb Company is facing challenges due to the loss of exclusivity of its drug Revlimid and the need for new product growth. The company made a transformative deal with the acquisition of Celgene in 2019, but concerns about the growth profile remain. Despite efforts to boost performance, including acquisitions and sales growth, Bristol-Myers has experienced a decline in stock performance and lower sales and earnings.
Based on the strong print of the major indices since late last month, the idea of deliberately targeting reliable stocks for a volatile market might seem overkill. In the past 30 days, the benchmark S&P 500 gained almost 6%.
Sylvia Jablonski, Defiance ETFs CEO and CIO, joins 'Power Lunch' ' to discuss three stocks: Boeing, Bristol Myers and Krispy Kreme Inc.
U.S. equities began the Thanksgiving holiday-shortened trading week higher at midday after optimism about slowing inflation buoyed markets last week. The Dow, S&P 500, and Nasdaq all gained.