Bristol-Myers Squibb Co. (NYSE: BMY) stocks slipped over 4% early on Monday, despite news of their technological partnership with Qiagen (NASDAQ: QGEN), a holding company that provides sample to insight solution for Biological samples, at the annual ASCO 2017 meeting over the weekend. According to Qiagens’ Press release, they signed an agreement with Bristol-Myers Squibb to explore the use of next-generation sequencing or NSG, technology. This will be used in predictive or prognostic tools for therapies in cancer treatment. According to the head of Development, Oncology, of Bristol-Myers Squibb, Fouad Namouni, M.D., Greater precision in the treatment of cancer may enable faster decision making to identify which patient populations are most likely to derive benefit from our immuno-oncology agents… We believe working with QIAGEN will help develop better diagnostic tools to target the most appropriate immunotherapies across a number of different tumor types.”
It appears to be a good start of the week for many biopharmaceutical companies that focus on cancer research; however Bristol-Myers Squibb seem to go in the opposite direction. On June 2, their stocks hit $55.08 per share and dropped to $52.24 during midday trading on Monday 06/5/207. Even considering that the company’s earnings from Q1 of 2017 were above analyst estimates.