Why Bristol-Myers Squibb Co. (BMY) Went Up On Friday?

We recently published a list of 10 Firms End Friday Strong; 3 Reach All-Time Highs. In this article, we are going to take a look at where Bristol-Myers Squibb Co. (NYSE:BMY) stands against other firms that end Friday strong.

Wall Street’s main indices finished the trading week in the negative territory as investor sentiment was weighed down by economic uncertainties brought about by the ongoing trade tensions globally.

The tech-heavy Nasdaq fell the heaviest, by 2.70 percent, followed by the S&P 500, by 1.97 percent, and the Dow Jones, by 1.69 percent.

Despite the broader market downturn, 10 individual stocks showed a strong performance during the trading session, with three companies particularly notable for hitting new all-time highs.

In this article, we listed Friday’s top performers and detailed the reasons behind their gains.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.

Bristol-Myers Squibb Co. (NYSE:BMY)

Bristol-Myers saw its share prices increase by 1.90 percent on Friday to finish at $60.02 apiece following news that it earned the backing of a key European regulatory committee for its blockbuster cancer treatment Opdivo.

According to BMY, the Committee for Medicinal Products for Human Use (CHMP), a part of the European Medicines Agency, recommended the approval of Opdivo for the treatment of adult solid tumors and is now being reviewed by the European Commission.

A decision from the commission is expected to be released by June 2, 2025.

In other news, BMY announced plans to acquire 2seventy Bio for $286 million. The transaction involved the purchase of all outstanding shares at a price of $5 apiece.

The transaction is expected to be completed in the second quarter of the year, subject to customary closing conditions, including the tender of a majority of the outstanding shares of 2seventy Bio’s common stock and the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Overall, BMY ranks 9th on our list of firms that end Friday strong. While we acknowledge the potential of BMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as BMY but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.