Bristol Myers Squibb’s Opdivo failed a study testing it as a treatment for rare cancer

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Shares of Bristol Myers Squibb were down 0.1% in premarket trading on Wednesday after the company said its cancer drug Opdivo failed a Phase 3 clinical trial for patients with a type of newly diagnosed glioblastoma. An independent data monitoring committee said there were no safety concerns but the study would not meet its primary endpoint of survival. Opdivo, which was first approved by the Food and Drug Administration in 2014 as a treatment for melanoma, has since received indications for other diseases and generated $7.2 billion in sales in 2019. Bristol’s stock is down 4.3% this year, while the S&P 500 has gained 14.1%
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