Jefferies Reports FDA Votes Against BMY Dapagliflozin Approval

Jefferies has issued a report that the FDA advisory panel has voted against the approval of Bristol-Myers Squibb's BMY dapagliflozin. According to the report, "The FDA's Endocrinologic and Metabolic Drugs Advisory Committee (AdCom) voted that the efficacy/ safety data did not provide substantial evidence to support approval of Bristol Myers'/ AstraZeneca's diabetes drug dapagliflozin on Tuesday (19th) evening (at the US market close). We expect a complete response letter (CRL) from the FDA on/ by October 28." BMY has a Hold Rating and a $27 Price Target. BMY closed yesterday at $28.81 a share.