Bristol Myers Squibb’s stock gains on new Opdivo data in lung cancer

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Shares of Bristol Myers Squibb Co. were up 1.1% in premarket trading on Wednesday after the drug maker said its immuno-oncology therapy Opdivo had showed promising results treating patients with resectable non-small cell lung cancer in combination with chemotherapy. The randomized, open-label, Phase 3 study enrolled 358 patients, and it found that patients who took a combination of the two drugs before surgery were more likely to demonstrate “no evidence of cancer cells” than those who took chemotherapy alone. The company has not yet released data about the study’s other primary endpoint, of event-free survival. Opdivo, which was first approved by the Food and Drug Administration in 2014 as a treatment for advanced forms of melanoma, has since received multiple approvals for different types of cancer, most recently on Oct. 2 for malignant pleural mesothelioma. Bristol’s stock is down 10.1% for the year, while the S&P 500 is up 4.0%.
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