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Bristol Myers Squibb Stock Sees Significant Drop

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Bristol Myers Squibb stock recently experienced a significant decline, reaching a multiyear low. This prompted the pharmaceutical company’s lead independent director to make an unusual move by purchasing shares on the open market for the first time in years.

Leadership Transition

In April, Bristol Myers announced that CEO Giovanni Caforio would be stepping down on November 1. Christopher Boerner has been named as his successor, and he will assume the role of chairman on April 1, 2024.

Share Price Decline

Shares of Bristol Myers have been steadily declining throughout the year. However, the drop was particularly drastic on November 20. This was due to the Food and Drug Administration’s decision to delay the approval of Abecma, a gene therapy treatment developed in collaboration with 2seventy Bio. The initial decision was expected to be announced on December 16. Currently, Abecma is approved for use only after four or more prior therapies have been attempted.

Record Low Stock Price

On November 20, Bristol Myers’ stock hit a low of $48.42 per share, a level not seen since March 2020. It was on this day that director Theodore R. Samuels took advantage of the low price and purchased 8,500 shares for a total of $423,400. With this recent acquisition, Samuels now owns a total of 35,500 shares in Bristol Myers.

Director’s Remark

Despite repeated requests for comment, Bristol Myers did not provide access to Samuels for an interview. Having been on the board since February 2017, Samuels brings extensive experience from his previous role as a global equity portfolio manager at investment firm Capital Group. Additionally, he serves on the company’s audit committee and chairs the committee on directors and corporate governance.

Prior Share Purchase

Samuels last made a purchase of Bristol Myers stock on the open market in May 2019. At that time, he acquired 5,000 shares for a total of $236,500, with an average price of $47.29 per share.

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