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Bristol-Myers Squibb Co (NYSE: BMY) shares are trading lower by $5.15 (9.5 percent) at $50.34 in Friday's session. Investors are disappointed that the company will not be pursuing accelerated regulatory approval for its lung cancer drug Opvido/Yervoy.
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It has been a rough seven days for the pharmaceutical company, since it peaked on January 10 at $60.45 and ended the session at $59.98. The following day, the issue shed $3 when Merck announced favorable results for Keytruda, which is a competing lung cancer drug.
After holding steady for a few days, the issue tumbled to $49.62 following the surprise announcement. That marks the lowest level for the issue since it put in a trio of lows just above $49.00 in late October. Since making that low, it has returned to the lower $50.00 handle.