NEW YORK, NY / ACCESSWIRE / November 28, 2018 / It was a big sell off for IntelliPharmaCeutics on Tuesday despite encouraging FDA news. Shares of Bristol-Myers Squibb Company was also in the red after the company said that the CheckMate -451 Study did not meet its primary endpoint.
The Market Edge Initiates Coverage on:
IntelliPharmaCeutics International Inc.
Bristol-Myers Squibb Company
IntelliPharmaCeutics International Inc. shares were down 39.70% yesterday on significant trading volume of a little over 12 million shares traded. Average trading volume for the stock is just about 516,000 shares. The stock hit a new low of $0.3402 despite the announcement that it has received final approval from the U.S. Food and Drug Administration for it's abbreviated new drug application for venlafaxine hydrochloride extended-release capsules in the 37.5, 75, and 150 mg strengths. The approved product is a generic equivalent of the branded product Effexor® XR sold in the U.S. by Wyeth Pharmaceuticals, LLC. CEO Dr. Isa Odid said, "We believe that the approval of our application for a generic version of Effexor® XR is a validation of the scope of our drug delivery technologies and formulation capabilities, and that it also demonstrates our regulatory capabilities and commitment to obtaining regulatory approvals for our pipeline of product candidates still awaiting FDA approval. We are actively exploring the best approach to maximize our commercial returns from this new approval."
Access The Market Edge's IntelliPharmaCeutics International Inc. Research Report:
Bristol-Myers Squibb Company shares were down 3% on Tuesday with nearly 17 million shares traded. The company announced that the phase III CheckMate-451 study on immuno-oncology drug Opdivo in combination with Yervoy was unsuccessful. Per the press release, the "Phase 3 CheckMate -451 study did not meet its primary endpoint of overall survival (OS) with Opdivo (nivolumab) 1 mg/kg in combination with Yervoy (ipilimumab) 3 mg/kg versus placebo as a maintenance therapy for patients with extensive-stage small cell lung cancer (SCLC) without disease progression after completion of first-line platinum-based chemotherapy. No new safety signals were observed with Opdivo 1 mg/kg plus Yervoy 3 mg/kg in this study. " Shares of the Company are down over 16% year to date.
Access The Market Edge's Bristol-Myers Squibb Company Research Report:
The Market Edge
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
The Market Edge has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of MarketEdgeReport.com and Nadia Noorani, a CFA® charter holder, has provided necessary guidance in preparing the document templates. MarketEdgeReport.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.marketedgereport.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
The Market Edge, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.