Bristol-Myers Up Big After Drug Study Stopped Early

Bristol-Myers Squibb Co (NYSE: BMY) was more than 3 percent higher in early trading after the company announced that Phase III study of Opdivo was stopped early after the trial "met its endpoint," according to a press release from the company. Opdivo "demonstrated superior overall survival" in patients with advanced non-squamous non-small cell lung cancer (NSCLC).

Opdivo received approval from the U.S. Food and Drug Administration as a monotherapy in two cancer indications. Bristol-Myers said that patients in the trial will have the opportunity to continue or start treatment with Opdivo.

Bristol-Myers was 2.7 percent higher at last trade of $65.40. The stock has gained 11 percent this year and 32 percent over the prior 52 weeks. The company is still below its all-time peak around $80 per share hit in 1999.