Bristol Myers Says New Breast Cancer Drug Shows Survival Benefit In Pretreated Patients

Bristol Myers Squibb Co. (NYSE:BMY) shares are down on Thursday as the company releases positive interim results from a Phase 3 trial of izalontamab brengitecan (Iza-bren), in collaboration with SystImmune Inc.

This news comes as the broader market experienced mixed performance, with the Nasdaq slightly down while other indices showed modest gains.

Breast Cancer Trial Data

SystImmune’s parent company, Sichuan Biokin Pharmaceutical Co., Ltd., reported that Iza-bren met its dual primary endpoints of progression-free survival and overall survival in the interim analysis of the trial.

The trial patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) whose disease progressed following prior taxane therapy.

The update marks the third Phase 3 study where Iza-bren has achieved its primary endpoints, underscoring its potential in treating advanced triple-negative breast cancer.

The trial results indicate a statistically significant improvement in patient outcomes compared to chemotherapy options, which could lead to new treatment avenues for patients facing limited options.

Additionally, the drug has received Breakthrough Therapy Designation from both the U.S. FDA and China’s National Medical Products Administration for multiple indications.

The broader market experienced gains on the previous trading day, with the S&P 500 closing up 0.06% and the Dow Jones rising 0.13%.

Bristol Myers Squibb’s rise aligns with the overall positive sentiment, although the Technology sector saw a slight decline of 0.02%, indicating mixed conditions across different sectors.

Technical Analysis

Currently, the stock is trading 4.1% below its 20-day simple moving average (SMA) and 9.8% below its 100-day SMA, indicating some short-term weakness.

Over the past 12 months, shares have increased, and they are currently positioned closer to their 52-week highs than lows, suggesting a strong performance relative to its historical range.

The RSI is at 44.45, which is considered neutral territory, indicating that the stock is neither overbought nor oversold. Meanwhile, MACD is at 0.15, below its signal line at 0.22, indicating bearish pressure on the stock.

The combination of neutral RSI and bearish MACD suggests mixed momentum for the stock.

• Key Resistance: $63.00
• Key Support: $60.00

Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $60.09. Recent analyst moves include:

• RBC Capital: Initiated with Sector Perform (Target $60.00) (Feb. 25)
• Piper Sandler: Overweight (Raises Target to $75.00) (Feb. 23)
• Barclays: Initiated with Overweight (Target $75.00) (Feb. 20)

BMY Price Action: Bristol-Myers Squibb shares were down 0.56% at $60.95 at the time of publication on Thursday.

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