Companies face setback as FDA misses target date for potential approval
- Bristol Myers Squibb and 2seventy bio shares fall as FDA delays action on cancer treatment
- FDA will not make a decision on the drug’s approval for earlier use in multiple myeloma patients before Dec. 16
- Approval of Abecma for earlier treatment of multiple myeloma could drive a return to growth for 2seventy bio
- Bristol Myers Squibb stock down 29% in the year to date, while 2seventy bio shares have dropped 77%
Shares of Bristol Myers Squibb and 2seventy bio fell after the FDA announced a delay in the potential approval of their cancer therapy, Abecma, for earlier use in multiple myeloma patients. The FDA will not make a decision before the target regulatory action date of Dec. 16. This setback could impact the return to growth for 2seventy bio, as analysts have downgraded their shares. Bristol Myers Squibb is also facing increasing competition in the market. Overall, Bristol Myers Squibb stock is down 29% in the year to date, while 2seventy bio shares have dropped 77%.
Factuality Level: 7
Factuality Justification: The article provides information about the delay in the potential approval of a cancer therapy by the FDA. It includes statements from the companies involved and mentions the impact on their stock prices. The article also mentions the opinions of analysts regarding the potential approval and competition in the market. However, the article lacks specific details about the reasons for the FDA’s delay and does not provide a balanced perspective by including opinions from other sources.
Noise Level: 3
Noise Justification: The article provides relevant information about the delay in the FDA’s decision on the potential approval of a cancer therapy. It includes details about the companies involved, the drug in question, and the potential impact on their stock prices. However, the article lacks in-depth analysis, scientific rigor, and actionable insights. It also includes some irrelevant information about the stock performance of the companies and the S&P 500 index.
Financial Relevance: Yes
Financial Markets Impacted: Shares of Bristol Myers Squibb Co. and 2seventy bio Inc. fell premarket on Monday.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses the impact of the FDA’s delay in the potential approval of a cancer therapy on the stock prices of Bristol Myers Squibb Co. and 2seventy bio Inc.
Public Companies: Bristol Myers Squibb Co. (BMY), 2seventy bio Inc. (TSVT), Johnson & Johnson (JNJ), Legend Biotech Corp. (LEGN)
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