Bristol Myers shares soar on deucravacitinib data

Whether most Americans remember November 3, 2020 with fondness depends on the result of the Presidential election, but Bristol Myers Squibb (NYSE: BMY) executives and shareholders will definitely have a happy memory where another outcome is concerned.

The US drugmaker announced results from POETYK PSO-1, the first pivotal Phase III trial evaluating deucravacitinib (BMS-986165), a novel, oral, selective tyrosine kinase 2 (TYK2) inhibitor, for the treatment of patients with moderate to severe plaque psoriasis.

Shares in BMS were nearly 4% higher at lunchtime as the results demonstrated superiority to both placebo and Otezla (apremilast), the latter being an approved drug acquired by Amgen (Nasdaq: AMGN) from Celgene (Nasdaq: CELG) prior to its acquisition by BMS.