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Bristol Myers And bluebird bio’s CAR-T Cell Therapy For Multiple Myeloma Gains FDA Approval

Bristol Myers Squibb and bluebird bio’s Abecma received approval from the U.S. food and Drug Administration (FDA) for treating patients with relapsed multiple myeloma. Abecma is a personalized chimeric antigen receptor (CAR) T cell immunotherapy.

Bristol Myers Squibb’s (BMY) Chief Medical officer Samit Hirawat, M.D., said, “CAR T cell therapies have shown transformational potential for the treatment of hematologic malignancies, and we, with our partners at Bluebird Bio, are proud to bring the first CAR T cell therapy to appropriate triple-class exposed patients with relapsed or refractory multiple myeloma, offering the chance for durable response.”

Hirawat further added, “Bristol Myers Squibb is now the only company with two approved CAR T cell therapies with distinct targets of CD19 and BCMA.”

The therapy has a well-established safety profile and 72% of patients showed rapid, deep and durable responses in its pivotal KarMMa trial.

Notably, Bristol Myers will manufacture the drug separately for each patient using their own T cells. The two companies are developing and marketing the drug in the U.S.  (See Bristol Myers Squibb stock analysis on TipRanks)

On March 17, Merrill Lynch analyst Geoff Meacham reiterated a Buy rating on the stock with a $80 price target (25.1% upside potential).

Meacham commented, “There may not be one single catalyst that will spark a re-rating, but given attractive valuation (8x vs. 13x peers) and what could be the beginning of a commercial inflection in new launches, we think the disconnect on valuation could correct pretty meaningfully in 2021.”

Turning to rest of the Street, the stock has a Strong Buy consensus rating alongside an average analyst price target of $78.5 (22.8% upside potential) based on 4 unanimous Buys. Shares have gained about 22.4% over the past year.

BMY stock forecast

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