Bristol-Myers Squibb won Food and Drug Administration approval late Thursday for its novel schizophrenia drug, Cobenfy. BMY stock popped early Friday, signaling a breakout at the open.
Cobenfy, previously known as KarXT, is the first drug to treat the mental disorder that doesn't directly block dopamine. Existing drugs that block dopamine have serious side effects, leading most patients to go off medication.
Cobenfy comes from Karuna Therapeutics, acquired by Bristol Myers in $14 billion.
The twice-daily pill should be available in late October. It'll cost $1,850 per month or $22,500 annually before insurance and other rebates, according to Bristol Myers Squibb.
BMY Stock
Bristol-Myers stock rose 2.9% to 51.58, clearing a flat-base buy point of 51.19 . The base, mostly forged above the 200-day line, follows a rebound from an 11-year low in early July
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