Blood thinners produced separately by drug giants Bristol Myers Squibb and Bayer fell short of expectations, leading shares of BAYRY and BMY stock to crumble on Monday.
Testing a drug it co-produces with Johnson & Johnson, Bristol Myers said its medication missed the ultimate goal of the study but did lead to a 30% reduction in the risk of recurrent strokes. Bristol Myers and J&J studied their medicine in patients who had a previous stroke and were at risk of another one.
Similarly, Germany-based Bayer said its blood thinner didn't outperform a placebo in cutting the risk of complications following a heart attack. But the highest dose did lead to fewer bleeding episodes in patients.
The lukewarm results sent BMY stock falling 6.2% to close at 66.75 on today's stock market. Bayer stock skidded 4.1% to finish at 12.79. And J&J shares dipped 0.8% to 163.
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Both the Bristol Myers and the Bayer blood thinners work by blocking a protein, called factor XIa, that amplifies the blood's ability to clot. Excessive clotting in arteries can lead to strokes and heart attacks.
Bristol Myers and J&J added their drug, milvexian, to standard antiplatelet medicine in patients who previously experienced an ischemic stroke or transient ischemic attack. An ischemic stroke occurs when a blood vessel to the brain becomes clogged. A transient ischemic attack is a stroke that lasts only a few minutes.
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Researchers hoped to reduce the risk of several complications including stroke. They also hoped to show a dose-dependent response to treatment, meaning the improvement rises with a larger dose.
But that didn't happen. However, across three doses the drug showed the ability to reduce the risk of an additional ischemic stroke by 30%.
Still, BMY stock tumbled to its lowest point in six months. Shares lost out on a flat base with a buy point at 80.69, according to MarketSmith.com. J&J stock also fell below a flat base with an entry at 183.45.
Bayer Skids To A Low Point
Bayer studied its blood thinner, dubbed asundexian, in patients who had a previous heart attack. These patients are often at risk of further complications including cardiovascular death, another heart attack, stroke and stent thrombosis. The latter is a blockage that occurs near a surgically implanted heart stent.
Patients who received asundexian didn't show a significant reduction in these events. But a 50-milligram dose of asundexian did inhibit 90% of the clotting protein it was supposed to block. Promisingly, that didn't lead to an increase in bleeding events, a problem for anticoagulants.
"Asundexian, and other factor XIa inhibitors, may be promising new therapies to potentially reduce ischemic events without significantly increasing bleeding for patients following a myocardial infarction and in other clinical settings where vascular thrombosis or thromboembolism play a role," said John Alexander, a professor at the cardiology division of the Duke University School of Medicine. Alexander helped run the study.
Like BMY stock, though, Bayer stock toppled. Shares hit their lowest point since December.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
