Bristol Myers Squibb and 2seventy bio shares are trading lower after the FDA said it will not meet its Dec. 16 target action date for expanded use approval for Abecma.
Portfolio Pulse from Benzinga Newsdesk
Shares of Bristol Myers Squibb (BMY) and 2seventy bio (TSVT) are trading lower following the FDA's announcement that it will miss the December 16 target action date for the expanded use approval of Abecma.
November 20, 2023 | 2:33 pm
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NEGATIVE IMPACT
Bristol Myers Squibb's stock is trading lower due to the FDA's delay in meeting the target action date for expanded use approval of Abecma.
The delay in regulatory approval is typically seen as a negative event for pharmaceutical companies as it postpones potential revenue from new treatments and may raise concerns about the approval process.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Shares of 2seventy bio are trading lower following the FDA's delay in the expanded use approval for Abecma, which is likely to impact the company's near-term prospects.
As a biotechnology company involved with Abecma, 2seventy bio is directly affected by the FDA's decision, which could impact the company's projected earnings and growth trajectory in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80