Opdivo News Doesn't Give Bristol-Myers Much Of A Boost

Bristol-Myers Squibb Co BMY shares are trading about unchanged at $55.95 in Wednesday's session.

At this time, investors aren't too impressed that its study for Opdivo met its primary endpoint. The drug has become an important treatment option for multiple cancers.

After a flat open, Bristol-Myers could only rally another 7 cents to $56.34 before reversing course. The ensuing decline found intraday support in a familiar area. Its current low of $55.55 comes in between its June 29 ($55.49) and June 30 ($55.68) lows.

Excluding Monday's close of $56.27, the stock's four previous closes came within a narrow range of $55.72 to $55.90.