BMY: Technical and Fundamental AnalysisBMY: Technical and Fundamental Analysis
Two recent developments initiated a bearish movement in BMY last week:
News_1: Bristol-Myers Squibb's Melanoma Treatment Fails to Meet Primary Endpoint in Phase 3 Adjuvant Trial
Bristol-Myers Squibb said its Phase 3 trial evaluating opdualag for the adjuvant treatment of patients with completely resected stage III-IV melanoma did not meet its primary endpoint of recurrence-free survival.
News_2: Bristol Myers Squibb Cancer Treatment Misses Primary Endpoint in Trial
Bristol Myers Squibb said it is disappointed with the outcome of a study that examined whether one of its drugs could be used to treat a certain type of skin cancer.
Technical Analysis of BMY
From a technical perspective, BMY has broken out from a strong structure zone near 54.50, increasing the likelihood that the stock could decline further to 50.00, 46.00, and potentially even lower to 40.00.
Given this situation, it might be advisable to consider buying PUT options, provided that the risk is well-managed. It is recommended to choose an expiration date in May or June 2025.
You may find more details in the chart!
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