Why Bristol-Myers Squibb Stock Fell Today

Bristol-Myers Squibb Co BMY shares traded lower Monday after the company announced, in collaboration with Janssen Pharmaceuticals, that the results from the Phase 2 AXIOMATIC-SSP dose-ranging study did not achieve the primary endpoint.

Bristol-Myers said the Phase 2 AXIOMATIC-SSP dose-ranging study of the investigational oral factor XIa (FXIa) inhibitor milvexian showed an approximate 30% relative risk reduction in recurrent symptomatic ischemic strokes and favorable safety profile in three arms compared to placebo when used in combination with background antiplatelet therapy in patients with an acute non-cardioembolic ischemic stroke or transient ischemic attack.

A total of 2,366 patients were randomized 2:1 to receive one of five regimens of oral milvexian in the study. The primary objective was to detect a dose response for the composite endpoint of symptomatic ischemic stroke and MRI detected covert brain infarction across a 16-fold dose range. However, the company announced that a dose response was not observed.

See Also: Here's Why Tellurian Shares Are Nosediving

BMY Price Action: Bristol-Myers has a 52-week high of $80.59 and a 52-week low of $60.86.

The stock closed down 6.2% at $66.75 at press time, according to Benzinga Pro.

Photo: courtesy of Bristol-Myers.

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