Big Day for Two Pharmaceutical Stocks
Another pharmaceutical company made headlines yesterday as Bristol-Myers Squibb announced a $13 billion acquisition of MyoKardia. The deal will expand the company’s heart drug offerings.
BMS is widely considered to be a leader in cancer drug research, but some on Wall Street were concerned the company was too dependent on cancer drugs. The acquisition eases those concerns as MyoKardia’s innovative heart drugs will add a promising new line of business.
The pharmaceutical company’s stock jumped more than 7% yesterday after news broke that Donald Trump was using one of the company’s drugs to treat the coronavirus. The use of the drug to treat the drug came as a surprise to some considering it is not approved for emergency use yet. However, analysts indicated that approval is now just days away.
2020 has been a great year for Regeneron, with its stock price up more than 60% to date. If the drug is successful treating the president, investors can surely expect another boost to come.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.