Bristol-Myers Squibb and Bluebird Bio Plan to Resubmit Experimental Treatment Bid to FDA

Strategic Insights -

Bristol-Myers Squibb and Bluebird Bio are set to resubmit their bid for marketing clearance of an experimental multiple-myeloma treatment to the U.S. Food and Drug Administration (FDA) in July, following a rejection in March. Despite the setback, investors seem to be optimistic about the outcome, with the stock price of Bristol-Myers rising above its weekly value level at $60.75.

Key Takeaways:

  • Bristol-Myers and Bluebird Bio plan to resubmit their application for marketing clearance of an experimental multiple-myeloma treatment to the FDA in July.
  • The stock price of Bristol-Myers has risen above its weekly value level at $60.75, indicating investor optimism about the outcome.
  • The FDA's rejection of the initial bid in March has had a limited impact on the stock price, which is currently in bull-market territory 38% above its March 23 low at $45.76.
  • A golden cross in the stock's chart indicates a buy signal, with the 50-day simple moving average rising above the 200-day simple moving average since October 4.
  • The Daily Chart shows the stock moving back above its 200-day SMA on April 3 and above the 50-day SMA on April 14.
  • The Weekly Chart indicates that the stock is above its five-week modified moving average of $60.28 and has been above its 200-week simple moving average since April 3.
  • The 12x3x3 weekly slow stochastic reading is projected to rise to 66.58 this week from 61.72 on May 8, indicating a possible continuation of the upward trend.

Statistics:

  • Bristol-Myers stock price rose 1.6% year-to-date and 7.6% below its 52-week high of $68.34 set on January 22.
  • The stock is 38% above its March 23 low at $45.76.
  • The 50-day simple moving average rose above the 200-day simple moving average since October 4, indicating a buy signal.
  • The 12x3x3 weekly slow stochastic reading is projected to rise to 66.58 this week from 61.72 on May 8.
  • The stock price is currently at $63.17, above the monthly value level at $60.75.
  • The semiannual value level for the stock is $49.

Sources:

  • TheStreet.com (https://www.thestreet.com/investing/bristol-myers-squibb-bluebird-bio-to-resubmit-fda-bid-for-myeloma-treatment)
  • Refinitiv XENITH (Bristol-Myers Daily and Weekly Charts)