Bristol Myers Squibb (NYSE: BMY) revealed that it has bagged approval from the U.S. Food and Drug Administration (FDA) for Opdivo with platinum-doublet chemotherapy, designed to be given every three weeks for three cycles, for patients with resectable non-small cell lung cancer (NSCLC).
The move is supported by positive Phase 3 trial of an immunotherapy-based combination used before surgery for resectable NSCLC, which showed significant improvement in event-free survival, along with a 37% reduction in the risk of progression, recurrence or death, compared to chemotherapy alone.
Bristol Myers’ application was approved under the FDA’s Real-Time Oncology Review (RTOR) pilot program, while the review was conducted under the FDA’s Project Orbis initiative.
Senior Vice-President and General Manager, U.S. Cardiovascular, Immunology and Oncology at Bristol Myers, Adam Lenkowsky, said, “At Bristol Myers Squibb, we are leading innovative science in the use of immunotherapy in earlier stages of cancer and are committed to bringing these options to patients. Today’s approval builds on that commitment and expands the role of Opdivo-based treatment in NSCLC, the most common form of lung cancer, so patients may benefit earlier in the course of their disease.”
Last week, Wells Fargo analyst Mohit Bansal reiterated a Hold rating on the stock and raised the price target to $65 from $60, which implies downside potential of 6.3% from current levels.
The Wall Street community is optimistic about the stock with a Strong Buy consensus rating based on 7 Buys and 1 Hold. The average Bristol Myers price target of $72.83 implies that the stock has 5% upside potential from current levels. Shares have gained 18.5% over the past year.
Positive News Sentiment
News Sentiment for BMY is Positive based on 27 articles over the past seven days. 100% of the articles have Bullish sentiment, compared to the sector average of 64%.
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