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

We recently published a list of 10 Stocks Grow Firmer Despite Mixed Market Sentiment. In this article, we are going to take a look at where Bristol-Myers Squibb Co (NYSE:BMY) stands against other stocks that grow firmer despite mixed market sentiment.

The stock market kicked off the first trading day of the week on a lackluster note, with major indices finishing mixed as it struggled to rebound from Friday’s bloodbath.

The Dow Jones was the sole gainer among the main indices, eking out a 0.08-percent gain. In contrast, the S&P 500 and the tech-heavy Nasdaq both fell 0.50 percent and 1.21 percent, respectively.

Meanwhile, ten companies registered strength, albeit posting only modest gains. This article details the reasons behind their performance.

To come up with Monday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

A pharmacy shelves stocked with pharmaceutical drugs awaiting distribution.

Bristol-Myers Squibb Co (NYSE:BMY)

Bristol-Myers saw its share prices grow by 3.67 percent on Monday to finish at $57.88 apiece as investors cheered news of the company’s submission of a supplemental biologics license to the Food and Drug Administration for its drug treatment Opdivo plus Yervoy.

The drugs are expected to become a potential first-line treatment option for adult and pediatric patients with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) colorectal cancer.

The application followed the successful clinical trial that resulted in superior progression-free survival for the Opdivo plus Yervoy combination.

According to BMY, the FDA granted the application Breakthrough Therapy Designation and Priority Review status and assigned a Prescription Drug User Fee Act (PDUFA) goal date of June 23, 2025.

Overall, BMY ranks 10th on our list of stocks that grow firmer despite mixed market sentiment. 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 that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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