on April 1, 2024. Shares have
slipped steadily this year, but the drop was particularly sharp on Monday Nov.
20 after Bristol Myers said the Food and Drug Administration delayed its
decision on Abecma, a gene therapy treatment it developed with 2seventy Bio,
that was initially expected on Dec. 16. Abecma is currently approved for use after four or
more prior therapies.
Bristol Myers stock fell to as a low
as $48.42 on Nov. 20, a level shares haven’t traded at since March 2020. That
day, director Theodore R. Samuels paid $423,400 for 8,500 Bristol Myers shares,
an average price of $49.81 each. According to a form he filed
with the Securities and Exchange
Commission, Samuels now owns 35,500 Bristol Myers shares.
Bristol Myers didn’t respond to a
request to make Samuels available for comment. A former global equity portfolio
manager at investment firm Capital Group, Samuels has been on Bristol Myers’
board since February 2017
He serves on the company’s audit committee, and chairs the
committee on directors and corporate governance.