Bristol-Myers Slumps as Cancer Drug Trial Results Disappoint
This article is for subscribers only.
Bristol-Myers Squibb Co. shares sank the most in a year as the effectiveness of the company’s lung-cancer drug was tied to whether patients had high levels of a protein on their tumors, potentially limiting the market for the treatment.
The stock slid as much as 7.6 percent, the biggest intraday decline since May 15, 2014. Analysts have projected the cancer drug, Opdivo, to be one of the company’s best sellers, with sales of $6.2 billion by 2020, according to estimates compiled by Bloomberg.