Positive trials aid Bristol-Myers

Bristol-Myers Squibb shares jumped to a two-month high Monday after the drug maker reported positive results in two late-stage trials of its cancer drug Opdivo. Bristol-Myers said Opdivo combined with another of its drugs, Yervoy, resulted in a “meaningful improvement” in overall survival of patients with previously untreated malignant pleural mesothelioma, a rare but aggressive form of lung cancer. The New York based company also said that Opdivo had performed well in combination with Exelixis, Inc.’s Cabometyx in patients with previously untreated kidney cancer. The stock plunged 32% from it’s two-year high of $67.62 in January, but since March 24 has recovered most of those losses. Shares of Bristol Myers Squibb closed up 1.8% at $61.68 on Monday, their highest since Feb. 24, just after markets began their multi-week tumble because of the coronavirus outbreak.