2023-11-20 11:47:11 ET
Bristol Myers Squibb (NYSE: BMY) , or BMS for short, is starting the week off on a sour note. Specifically, the drugmaker's shares fell by as much as 4% in early action Monday. BMS' stock has rebounded modestly as today's session has progressed, but the pharmaceutical company 's shares were still in the red by 2.16% as of 10:28 a.m. ET Monday.
German drugmaker Bayer (OTC: BAYR.Y) announced early this morning that it is halting a late-stage trial for the blood thinner asundexian after the drug showed a lack of efficacy against a control arm, according to an independent data monitoring committee. Asundexian belongs to the same class of therapeutics (factor XIa inhibitors) as BMS' and Johnson & Johnson 's experimental cardiovascular drug milvexian.
Thus, investors appear to be concerned that asundexian's underwhelming phase 3 results may be a harbinger of things to come for milvexian. Milvexian is presently in a trio of phase 3 studies for various forms of cardiovascular disease. Top-line readouts from these trials are on track for late 2026 and early 2027, according to clinicaltrials.gov.
For further details see:
Why Bristol Myers Squibb Stock Is Fading Today