Why Bristol-Myers Squibb Company (BMY) 4% on 09/07/17?
Bristol-Myers Squibb Company (BMY) jumped 4% as a result of Bullish news signal:
Bristol-Myers Squibb Co said on Thursday the success of its combination therapy to improve overall survival in kidney cancer patients helped it end the trial early, despite having reported mixed results on other main goals earlier. The drugmaker said a combination of Opdivo and Yervoy, its two main drugs, showed superior overall survival rates in previously untreated patients with advanced or metastatic renal cell carcinoma, than those given a standard-of-care drug.
The trials to monitor overall survival rates were to run through the second half of 2019, according to Cowen and Co. Bristol-Myers said they were stopped early after the successful results in a planned interim analysis. “We believe the overall survival benefit likely confirms the durability of the signal seen on progression-free survival, leading to a very high likelihood of approval,” Leerink Research analyst Seamus Fernandez wrote in a client note.
Overall survival was a co-primary endpoint of the trial; the cancer drug combination also showed to have improved overall survival compared with chemotherapy in all randomized patients, a secondary endpoint. The company said that an independent Data Monitoring Committee has recommended the trial be stopped early, based on a scheduled interim analysis. Renal cell carcinoma is the most common kidney cancer in adults, and the five-year survival rate for patients with metastatic or advanced kidney cancer is 12.1% globally, the company said.
“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,” said Vicki Goodman, M.D., head of new asset development, Bristol-Myers Squibb. “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.”
Why Bullish? Overall survival was a co-primary endpoint of the trial; the cancer drug combination also showed to have improved overall survival compared with chemotherapy in all randomized patients, a secondary endpoint. The stock has been impacted by the bullish news and jumped by 4%. It is very common that these type of news (i.e. successful trial results) will impact the stock in a bullish manner. Therefore, we provide this stock a short-term bullish signal
Latest price: 59.87
Entry level: 60.78
Exit level: 63.5
Stop level: 58.8
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“Stock Bullish short-term news signal:
- Lululemon Athletica Inc. (LULU): Lululemon beats Street 2Q forecasts. Read More
Why Bullish? For the current quarter ending in November, Lululemon expects its per-share earnings to range from 50 cents to 52 cents. Therefore, will impact the stock in today trade and up to 2-14
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- ImmunoGen, Inc. (IMGN): Jazz Pharmaceuticals and ImmunoGen, Inc. Announce a Strategic Collaboration and Option Agreement to Develop and Commercialize Antibody-Drug Conjugate Products. Read More
Why Bullish? As part of the agreement, Jazz will pay ImmunoGen an upfront payment of $75 million. Additionally, Jazz will pay ImmunoGen up to $100 million in development funding over seven years to support the three ADC programs. Therefore, will impact the stock in today trade and in the long-term
“Stock Bearish Long-term news signal:
- Ambarella Follows a Strong Quarter With Disappointing Guidance (Again) Read more
Why Bearish? Ambarella continued to see declines in shipments for the drone market, driven by both timing of new product launches and ongoing weakness from Tier 2 drone customers. Therefore, will impact the stock in today trade and between 2-14 days
Latest price: 45.37
Entry level: 43.1
Exit level: 46.2
Stop level: 41.9
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Ambarella, Inc. develops semiconductor processing solutions for video that enable high-definition (HD) video capture, sharing, and display worldwide”
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