How Bristol-Myers Actually Won by Stopping a Clinical Study
Usually when a clinical study is stopped it spells disaster for the company performing the study, but in this case Bristol-Myers Squibb is bucking that trend and investors are thrilled.
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Usually when a clinical study is stopped it spells disaster for the company performing the study, but in this case Bristol-Myers Squibb Co. (NYSE: BMY) is bucking that trend and investors are thrilled. Not to mention the reason for stopping this study is not often seen.
The company announced that it has stopped its CheckMate-214 study evaluating Opdivo in combination with Yervoy, considering the study has already hit its primary and secondary endpoints. Based on this interim analysis, an independent Data Monitoring Committee recommended that the trial be stopped early.
The study treating patients with previously untreated advanced or metastatic renal cell carcinoma met its co-primary endpoint, demonstrating superior overall survival (OS) compared to sunitinib in intermediate- and poor-risk patients. The combination also met a secondary endpoint of improved OS versus sunitinib in all randomized patients.
It’s safe to say that this stoppage was a home run, and it will allow for Bristol-Myers to quickly progress with its study.
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Vicki Goodman, M.D., head of new asset development, Bristol-Myers Squibb, commented:
This overall survival result from CheckMate -214 highlights the potential of the combination of Opdivo and Yervoy to provide a new treatment option for first-line advanced renal cell carcinoma patients for whom there is a considerable unmet need. The company looks forward to sharing the full results with regulatory authorities and will incorporate these data into the planned European Society for Medical Oncology (ESMO) Congress presentation later this week.
Shares of Bristol-Myers were last seen up about 4% at $62.16, with a consensus analyst price target of $57.86 and a 52-week trading range of $46.01 to $62.42.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
