BMY Falls 0.49% with 122nd Trading Volume Rank as FDA Acceptance and Earnings Miss Drive Mixed Investor Sentiment

Market Snapshot

Bristol-Myers Squibb (BMY) closed on February 25, 2026, with a 0.49% decline, trading at a volume of $0.94 billion, which ranked it 122nd in trading activity for the day. Despite recent regulatory progress, the stock underperformed relative to broader market movements, reflecting mixed investor sentiment ahead of key developments. The modest decline followed the release of the FDA’s acceptance of the company’s New Drug Application (NDA) for iberdomide, a potential breakthrough in multiple myeloma treatment, but also came amid a Q4 earnings report that missed earnings estimates.

Key Drivers of Stock Movement

The FDA’s acceptance of BMY’s NDA for iberdomide, an investigational oral therapy for relapsed or refractory multiple myeloma (RRMM), represents a significant milestone for the company’s oncology portfolio. The application, granted Priority Review and Breakthrough Therapy Designation, targets an August 17 decision, with a Phase 3 trial demonstrating the drug’s efficacy using Minimal Residual Disease (MRD) negativity as a primary endpoint. This approach, leveraging targeted protein degradation to destroy cancer-promoting proteins, positions iberdomide as a first-in-class treatment in the cereblon E3 ligase modulator class. While the regulatory win could bolster BMY’s long-term growth prospects, the market’s muted reaction suggests caution over the timeline to approval and potential competition in the myeloma space.

The Phase 3 EXCALIBER-RRMM trial data underpinning the NDA highlights the drug’s innovative mechanism, which builds on BMY’s expertise in immunomodulatory therapies. By combining iberdomide with daratumumab and dexamethasone, the trial showed improved MRD negativity—a metric indicating disease clearance—compared to standard regimens. This focus on MRD as a predictive endpoint aligns with evolving standards in oncology, where deeper remissions are increasingly valued. However, the stock’s decline indicates that investors may be factoring in risks, such as the August 2026 regulatory deadline or uncertainty around market adoption post-approval.

Institutional activity also contributed to the stock’s movement. Dana Investment Advisors reduced its stake in BMY by 37.6% in Q3, selling 54,542 shares and holding $4.09 million worth of the stock by year-end. This exit, coupled with mixed investor reactions—such as Harbor Capital Advisors increasing its position by 107%—reflects divergent views on BMY’s near-term prospects. The Q4 earnings report, which reported revenue of $12.5 billion (beating estimates) but fell short on earnings per share ($1.26 vs. $1.65 expected), further complicated the outlook. While the dividend hike and FY2026 guidance ($6.05–$6.35 EPS) signaled confidence in cash flow, the EPS miss may have tempered optimism.

The interplay of these factors underscores BMY’s balancing act between near-term challenges and long-term opportunities. The iberdomide NDA is a critical catalyst, but its success hinges on the August decision and subsequent commercialization. In the short term, earnings volatility and institutional selling pressure could persist, while the drug’s potential to redefine myeloma treatment offers a compelling narrative for patient and investor alike. The market’s focus on regulatory outcomes and operational execution will likely remain central to BMY’s stock trajectory in the coming months.