Bristol-Myers Loses Out in Late-Stage Lung Cancer Study

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Bristol-Myers Squibb Co. (NYSE: BMY) shares dipped on Tuesday after the company reported results from its late-stage lung cancer study.

The firm announced that its Phase 3 CheckMate 451 study did not meet its primary endpoint of overall survival (OS) with Opdivo (nivolumab) in combination with Yervoy (ipilimumab) versus placebo as a maintenance therapy for patients with extensive-stage small cell lung cancer (SCLC) without disease progression after completion of first-line platinum-based chemotherapy.

No new safety signals were observed with Opdivo plus Yervoy in this study. The company will work with study investigators on the future publication of these results.

For some quick background: CheckMate 451 is a global, double-blind, randomized Phase 3 study evaluating Opdivo in combination with Yervoy and Opdivo monotherapy versus placebo as a maintenance therapy in patients with extensive-stage SCLC without disease progression after completion of first-line platinum-based chemotherapy.

The primary endpoint of the study was OS with Opdivo plus Yervoy versus placebo. The secondary endpoint is OS with Opdivo monotherapy versus placebo.

Shares of Bristol-Myers were last seen down about 3% at $51.00, with a 52-week range of $46.94 to $70.05. The stock has a consensus analyst price target of $60.06.