Bristol Myers stock falls toward 6-month low, set to suffer longest losing streak in 3 1/2 years

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Shares of Bristol Myers Squibb Co. BMY, -1.75% slumped 1.7% successful midday trading Thursday toward a six-month low, putting them connected way to endure the longest losing streak successful 3 1/2 years. The banal is headed for a ninth-straight loss, and has declined 7.8% during that stretch. The past clip it suffered a losing streak that agelong was the nine-day agelong ended April 23, 2018, erstwhile the banal fell 8.8%, according to information compiled by Dow Jones Market Data. The selloff comes arsenic Congress is moving connected the infrastructure bill, with Bernstein expert Ronny Gal saying the measure volition "very likely" see drug-cost provisions. Gal expects the 3 main provisions to beryllium the benchmarking of cause prices successful Medicare oregon drug-price negotiation, caps connected terms increases to ostentation and restructuring of Medicare Part D to destruct the sum spread and catastrophic diligent participation. Meanwhile, Gal said large-capitalization biopharma banal should determination higher connected authorities on Senate Finance Committee lines, arsenic they tin partially offset the 5%-15% downside connected higher volumes, little costs and higher cause prices astatine introduction. The SPDR S&P Pharmaceuticals ETF XPH, -0.97% is down 1.1% toward a 10-month low, and has shed 3.5% during its existent six-day losing streak. In comparison, the S&P 500 SPX, -0.28% is down 0.4% connected Thursday, and has mislaid crushed successful 7 of that past 9 sessions.

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