Bristol Myers Squibb Rises on Schizophrenia Drug Approval

59 minutes ago

Shares of Bristol Myers Squibb (BMY) rose Friday, a day after the Food and Drug Administration (FDA) approved the use of what the pharmaceutical firm called the first treatment for schizophrenia in decades.

CEO Chris Boerner said regulatory approval of Cobenfy "marks an important milestone for the community, where after more than 30 years, there is now an entirely new pharmacological approach for schizophrenia—one that has the potential to change the treatment paradigm."

Dr. Rishi Kakar, an investigator in the clinical studies of the drug, called approval "a transformative moment" in the treatment of the illness because, historically, medicines have targeted the same primary pathways in the brain, and Cobenfy offers sufferers "a new option."

Bristol Myers Squibb Shares were up about 2% in recent trading.

–Bill McColl

Futures Tied to Major Indexes Inch Higher

3 hr 24 min ago

Futures tied to the Dow Jones were up less than 0.1%.

S&P 500 futures were also up fractionally, as the index looks to add to record highs.

Nasdaq 100 futures were up also up less than 0.1%.

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