Bristol-Myers Squibb stock tumbles after stroke drug trial sees mixed results

Yahoo Finance Live anchors discuss why Bristol-Myers Squibb stock is down today.

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RACHELLE AKUFFO: Now, we're starting with my pick, which is drugmaker Bristol-Myers Squibb, ticker BMY. Now, the stock is off, as you can see there, almost 6% there. Investors pulling out of the pharma giant over mixed results from phase two trials of its secondary stroke therapy, milvexian.

Now, this treatment is for ischemic strokes. Now, these actually make up about 87% of all strokes. And this occurs when blood clots or other particles block blood vessels to the brain.

Now, the trials show that the treatment did reduce the relative risk of a stroke by a third. But it was the additional data to meet that primary study goal of the impact on brain damage which fell short on Sunday.

Now, that shook investor confidence, as you can see there. You saw that dive right after that announcement. And they're really looking to see how that's gonna impact phase three trials. Obviously, still a lot of important progress made, but a setback at least from the stock perspective, nonetheless.

SEANA SMITH: Yeah, Rachelle, that's what we heard from some of the analysts here coming out after the news was made public earlier today. Now, the losses today, you can see it on your screen, with Bristol-Myers Squibb off nearly 6%. So we're seeing the extension of a six-day losing streak here for the stock.

Shares are off just over 9% in the past month. So certainly, investors taking issue with the results that we got today and how, of course, that could affect Bristol-Myers Squibb going forward.