Celgene Acquisition: CELG-RI.US represented contingent value rights (CVRs) tied to milestones in Bristol Myers Squibb's acquisition of Celgene. The success or failure of drugs like liso-cel, bb2121, and ozanimod meeting specific FDA approval and sales targets directly influenced the CVR's value.

Drug Approval Decisions: FDA decisions regarding the aforementioned drugs were critical. Positive approval boosted the likelihood of milestone payments and increased the CVR price; negative decisions significantly reduced it.

Sales Performance: Actual sales figures for approved drugs impacted whether the required sales milestones were met. Strong sales increased confidence in milestone payouts, driving up the CVR's price, while weak sales had the opposite effect.

Regulatory Environment: Changes in regulations affecting drug pricing or market access could have affected the projected revenue for the drugs tied to the CVRs, thereby influencing the CVR's value.

Market Sentiment: Overall investor sentiment towards the pharmaceutical industry and Bristol Myers Squibb influenced trading activity and demand for the CVRs.

Time to Expiration: As the deadlines for achieving milestones approached, the CVR's price became more sensitive to news and data releases, reflecting the shrinking window of opportunity for payouts.

Clinical Trial Data: New clinical trial data related to the relevant drugs could alter expectations about their future sales potential, impacting the CVR's value.

Macroeconomic Factors: Broader economic conditions, such as interest rates and inflation, could have indirectly influenced investor appetite for riskier assets like CVRs.