Shares of Bristol Myers Squibb (BMY 2.63%) have been bouncing 3.4% larger as of three:31 p.m. ET on Thursday after slipping a bit earlier this week. The large drugmaker did not report any information that served as a catalyst. As an alternative, right this moment’s transfer seemed to be the results of traders looking for comparatively protected shares because the Nasdaq Composite index and Russell 2000 small-cap index fell.
Bristol Myers Squibb has appeared to be type of a protected haven for traders all through a lot of 2022. The pharma inventory is up 15% 12 months so far whereas the main market indexes have plunged.
The corporate hasn’t delivered all that spectacular top-line outcomes, although. BMS’ income rose by solely 2% 12 months over 12 months within the second quarter. Nevertheless, its backside line appeared higher with Q2 adjusted earnings per share leaping 18%.
Maybe most significantly, BMS has scored a number of key regulatory wins in current weeks. The U.S. Meals and Drug Administration authorized Sotyktu (deucravacitinib) as a therapy for plaque psoriasis earlier this month. Final week, Opdualag (a mix of Opdivo and relatlimab) picked up European approval as a first-line therapy of superior melanoma.
BMS is feeling the ache of shedding exclusivity for a few blockbuster merchandise, Revlimid and Abraxane. On the identical time, nonetheless, the corporate continues to get pleasure from strong development for a number of different top-selling medication, together with blood thinner Eliquis and most cancers immunotherapy Opdivo.
In all probability a very powerful factor to look at with BMS, although, is how a number of of its newer medication acquire momentum. Specifically, most cancers medication Abecma, Breyanzi, and Opdualag have vital market potential.
Keith Speights has positions in Bristol Myers Squibb. The Motley Idiot has positions in and recommends Bristol Myers Squibb. The Motley Idiot has a disclosure coverage.