Bayer data could ‘somewhat renew’ optimism for Bristol drug, says Morgan Stanley

Morgan Stanley analyst Terence Flynn notes that Bayer (BAYRY) reported positive top line data from a Phase 3 trial of pipeline FXIa inhibitor asundexian for secondary stroke prevention, which met its primary efficacy and safety endpoints. This is the first positive Phase 3 trial of a FXIa inhibitor and could “somewhat renew investor optimism for the category,” including Bristol Myers’ (BMY) and Johnson & Johnson’s (JNJ) milvexian, which is also in Phase 3 development for SSP and atrial fibrillation, the analyst tells investors. The firm maintains an Underweight rating on Bristol shares, which are up $1.86, or 4%, to $48.11 in early trading.