U.S. markets closed
  • S&P 500

    4,136.48
    -43.28 (-1.04%)
     
  • Dow 30

    33,926.01
    -127.93 (-0.38%)
     
  • Nasdaq

    12,006.96
    -193.86 (-1.59%)
     
  • Russell 2000

    1,985.53
    -15.69 (-0.78%)
     
  • Crude Oil

    73.23
    -2.65 (-3.49%)
     
  • Gold

    1,865.90
    -50.40 (-2.63%)
     
  • Silver

    22.40
    -1.22 (-5.17%)
     
  • EUR/USD

    1.0798
    -0.0113 (-1.04%)
     
  • 10-Yr Bond

    3.5320
    +0.1360 (+4.00%)
     
  • GBP/USD

    1.2056
    -0.0173 (-1.41%)
     
  • USD/JPY

    131.1500
    +2.5460 (+1.98%)
     
  • BTC-USD

    23,377.43
    +4.78 (+0.02%)
     
  • CMC Crypto 200

    535.42
    -1.43 (-0.27%)
     
  • FTSE 100

    7,901.80
    +81.64 (+1.04%)
     
  • Nikkei 225

    27,509.46
    +107.41 (+0.39%)
     

Bristol Myers (BMY) Skin Cancer Drug Gets EC's Approval

Bristol Myers Squibb BMY recently announced that the European Commission (“EC”) has approved Opdualag for the first-line treatment of advanced (unresectable or metastatic) melanoma in adults and adolescents 12 years of age and older with tumor cell PD-L1 expression <1%.

Opdualag is a first-in-class, fixed-dose dual immunotherapy combination treatment of the PD-1 inhibitor Opdivo (nivolumab) and novel LAG-3-blocking antibody relatlimab.

The EC’s decision is based upon an exploratory analysis of results from the phase II/III RELATIVITY-047 study in patients with tumor cell expression <1%, which demonstrated that treatment with the fixed-dose combination of the PD-1 inhibitor nivolumab and novel LAG-3-blocking antibody relatlimab more than doubled the median progression-free survival (PFS) compared to nivolumab monotherapy – an established standard of care. Data did not show any safety events with the combination when compared to nivolumab monotherapy. The RELATIVITY-047 trial also met its primary endpoint of PFS in the all-comer population.

The drug is also approved in the United States for treating adult and pediatric patients 12 years of age or older for the same indication.

Shares of Bristol Myers have gained 14.7% in the year so far against the industry’s decline of 23.6%.

 

Zacks Investment Research
Zacks Investment Research


Image Source: Zacks Investment Research

The approval of potential new drugs and the label expansion of existing drugs will add an incremental revenue stream to boost growth in the coming quarters as one of Bristol Myers’ top drugs, Revlimid, is now facing generic competition, which is affecting the top line and will erode sales rapidly.

Camzyos (mavacamten, 2.5 mg, 5 mg, 10 mg, 15 mg capsules) was approved in the United States for treating adults with symptomatic New York Heart Association (NYHA) class II-III obstructive hypertrophic cardiomyopathy (obstructive HCM) to improve functional capacity and symptoms.

However, results from the mid-stage AXIOMATIC-SSP dose-ranging study of experimental candidate milvexian, announced last month, were disappointing. The candidate is being developed to prevent new symptomatic ischemic stroke or new covert brain infarction in patients receiving aspirin and clopidogrel following an acute ischemic stroke or transient ischemic attack.

Competition is also stiff for Opdivo, one of the top drugs of Bristol Myers, from the likes of Merck’s MRK Keytruda. The drug, approved for various oncology indications, is the key driver for Merck.

Bristol Myers currently carries a Zacks Rank #3 (Hold).  A couple of better-ranked stocks in the sector are Bolt Pharmaceuticals (BOLT) and Dynavax DVAX, both presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Loss estimates for BOLT have narrowed to $2.25 from $2.87 in the past 60 days. BOLT surpassed on earnings in three of the trailing four quarters and missed on the same in the remaining one, the average beat being 2.39%.

Dynavax’s earnings estimates have increased to $1.73 from $1.14 for 2022 over the past 60 days. Earnings of DVAX surpassed estimates in two of the trailing four quarters and missed the mark in the remaining two, the average beat being 70.57%.



Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report
 
Dynavax Technologies Corporation (DVAX) : Free Stock Analysis Report
 
Merck & Co., Inc. (MRK) : Free Stock Analysis Report
 
Bolt Biotherapeutics, Inc. (BOLT) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research