A recent report has unveiled that Bristol-Myers Squibb Company (BMS), which is a known biopharmaceutical company, has decided to halt the testing of hepatitis C drug since the same has been found to be failing.

The company is at present into development, manufacturing, marketing as well as discovery and distribution of pharmaceutical products all over the world. Having a 15.46 price-to-earnings ratio, it had come up with $0.48 earnings per share (EPS) previously. The amount was for the quarter only, the report has found.

Bank of America along with some other analysts has now taken a decision to cut price target on Bristol Myers Squibb’s shares. It has been told by the company that the drug, acquired however in a $2.5 billion deal, has caused some patients in a trial to be hospitalized, while one of them to die. Thus, the experimental drug named NS5B nucleotide would no more be continued to be given.

“While the cause of these unexpected events has not been definitively established, the company has determined that it is in the best interest of patients to halt development of BMS-986094”, said the company.

Besides, it has been told that results of further investigations would be shared widely in the medical and scientific community to ensure safety.