Why Bristol Myers' Shares Are Trading Higher Today

Bristol Myers Squibb & Co BMY has received positive CHMP opinion for Opdivo (nivolumab) plus chemotherapy for first-line treatment of unresectable advanced, recurrent or metastatic esophageal squamous cell carcinoma.
The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has recommended approval of Opdivo combined with fluoropyrimidine- and platinum-based chemotherapy for esophageal squamous cell carcinoma (ESCC) with PD-L1 expression ≥ 1%.
The positive opinion is based on the Phase 3 CheckMate -648 trial results.
The data showed that Opdivo plus chemotherapy demonstrated a statistically significant and clinically meaningful overall survival (OS) benefit compared to chemotherapy alone at the pre-specified interim analysis (median, 15.4 months vs. 9.1 months)
Additionally, the combination demonstrated a statistically significant and clinically meaningful improvement in progression-free survival and a clinically meaningful increase in objective response rate.
Price Action: BMY shares traded 2.25% higher at $68.59 on the last check Friday.