BMY - Here's Why Bristol-Myers Squibb Jumped 12.7% in December
Shares of Bristol-Myers Squibb (NYSE: BMY) gained nearly 13% last month, according to data from S&P Global Market Intelligence. The trek higher capped off a solid year for the industry leader, as the pharma stock gained 23.4% in 2019. The finish was all the more impressive considering shares began the fourth quarter at a year-to-date loss.
There were several positive updates in December from the pipeline of Celgene, which gave investors more confidence that the acquisition will pay off. Perhaps the most noteworthy was that the U.S. Food and Drug Administration abruptly abandoned plans to hold an advisory committee meeting for Reblozyl, an experimental treatment for anemia in patients with certain red blood disorders, but kept the latest application review timeline intact.
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