Shares of Bristol-Myers Squibb Company (BMY) climbed 2.96% to close the trading session on Jun 25 at $49.73 per share following the announcement of positive news on its oncology candidate nivolumab on Jun 24.
Bristol-Myers has decided to end a phase III study (CheckMate -066: n=418) on the candidate early on the basis of data from an interim analysis conduced by an independent Data Monitoring Committee. Results from the analysis revealed that treatment naïve advanced melanoma patients in the nivolumab arm demonstrated superior overall survival (the primary endpoint) compared to those receiving chemotherapy (dacarbazine).
Bristol-Myers stated in its press release that it has informed the investigators of the study that the trial’s blinded comparative portion will be stopped early. Furthermore, the company has decided to unblind the patients. The patients will now be allowed to either continue or commence treatment with Bristol-Myers’ oncology candidate in the trial’s extension portion for the evaluation of long-term survival.
Nivolumab is one of the most promising candidates in Bristol-Myers’ pipeline. The candidate has also performed well in combination with the biopharmaceutical major’s approved drug Yervoy in the advanced melanoma setting. Nivolumab is being evaluated by Bristol-Myers in other oncology indications as well such as non-small cell lung cancer, renal cell carcinoma and non-Hodgkin lymphoma.
Approval of nivolumab would strengthen Bristol-Myers’ position in the lucrative as well as highly sought after immuno-oncology space. We expect investor focus to remain on updates regarding the high potential nivolumab.
Bristol-Myers carries a Zacks Rank #3 (Hold). Better-ranked stocks in the healthcare sector include Regeneron Pharmaceuticals (REGN), Allergan (AGN) and Biogen Idec (BIIB). All three are Zacks Ranked #1 (Strong Buy) stocks.
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