Bristol-Myers Squibb & Co. (NYSE:BMY) on Monday released topline results from a phase 2 study evaluating Reblozyl for anemia in adults with Alpha (α)-Thalassemia, an inherited blood disorder characterized by reduced or absent production of globin chains, leading to insufficient hemoglobin, microcytic anemia and potential red blood cell destruction.
• Bristol-Myers Squibb stock is showing positive momentum. What’s ahead for BMY stock?
The study met its primary endpoints, showing a statistically significant increase in hemoglobin levels for non-transfusion-dependent patients and a decrease in red blood cell transfusion burden for transfusion-dependent patients.
The study also met all key secondary endpoints. Safety findings were consistent with the known profile of Reblozyl in thalassemia.
The results are expected to be presented at an upcoming medical congress, and discussions with the Center for Drug Evaluation in China are planned.
Management Commentary
“These positive data further support the potential of Reblozyl for patients around the world,” said Cristian Massacesi, executive vice president, chief medical officer and head of development for Bristol-Myers Squibb.
“This is the first and only registrational Phase 2 trial specifically designed to address the needs of patients, especially in China, with alpha-Thalassemia, a lifelong disease with limited treatment options and the potential for serious long‑term complications.”
Technical Analysis
Currently, the stock is trading 2.5% below its 20-day simple moving average (SMA) and 3.8% below its 100-day SMA, indicating some short-term weakness.
Over the past 12 months, shares have increased approximately 30%, and they are currently positioned closer to their 52-week highs than lows, suggesting a strong upward trend.
The RSI is at 50.00, which is considered neutral territory, indicating that the stock is neither overbought nor oversold. Meanwhile, MACD is at 0.10, below its signal line at 0.15, indicating bearish pressure on the stock.
The combination of neutral RSI and bearish MACD suggests mixed momentum.
- Key Resistance: $63.50
- Key Support: $58.50
Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $60.10. Recent analyst moves include:
- Piper Sandler: Overweight (Raises target to $75 on Feb. 23)
- Barclays: Initiated with Overweight (target $75 on Feb. 20)
- Citigroup: Neutral (Raises target to $64 on Feb. 6)
BMY Price Action: Bristol-Myers Squibb shares were up 0.78% at $61.14 at the time of publication on Monday, according to Benzinga Pro data.
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