Boston, MA 10/30/2013 (wallstreetpr) – Shares of Bristol-Myers Squibb Co. (NYSE:BMY) are on the rise after the company reported exciting results about its new cancer drug nivolumba which is targeted for lung cancer. For the first time since 2001, the company’s shares rose to the highest closing after the release of the trial findings. The stock gained 6.7% on the browsers to close $52.02. The Monday’s trading also saw the company record its biggest single day gain since 2009.
The New York-based drug developer released its early stage clinical findings over the last weekend which showed its immune-system based treatment for cancer was able to significantly extend the lives of patients. In the study based on some 129 lung cancer patients, the drug maker reported that 42% of the patients were able to live after one year with nivolimab treatment. Another 24% of the patients treated with nivolumab were able to live after two years. All the 129 patients who participated in the study had non-small cell lung cancer and had tried other different treatments before. As such, the results validated the experimental drug’s efficacy towards the treatment of lung cancer.
With these encouraging results, Bristol-Myers Squibb is now trying to expand the mandate of the drug to include treatment of different types of cancer. The experimental drug carries the FDA fast-track status. This essentially means that the regulator has allowed the company to submit data about the drug as it compiles it. The drug is now being studied for renal cell carcinoma, advance melanoma and lung cancer treatment.
In the Q3.13 reporting, Bristol-Myers Squibb revealed that its three cancer drugs namely Yervoy, Sprycle and Erbitux experienced increased sales, climbing 20% to hit $737 million.
Bristol-Myers Squibb carries Citi Investment Research buy rating and a price target of $55 per share. If the approval of its experimental drug comes in 2014 as it is expected, the company will experience significantly improved revenue, increased earnings per share. Currently its shares are trading at $53.36 per unit.
