The Wall Street Journal: Failed lung cancer drug trial sends Bristol Myers stock plunging and Merck’s shares up

Bristol-Myers Squibb Co. said results for a trial investigating its blockbuster cancer drug Opdivo as a therapy for advanced non-small cell lung cancer failed to meet its primary endpoint.

Shares in the company BMY, +0.70% dropped 17% to $62.60 in premarket trading.

Meanwhile, shares of Merck & Co. MRK, +0.33% rose 10% as the results suggest sales of its rival immunotherapy cancer drug Keytruda could benefit from the trial’s failure. In June, Merck’s similar trial investigating the use of Keyruda for the same condition met its primary endpoint.

Bristol said the trial, named CheckMate -026, didn’t show progression-free survival in patients with previously untreated advanced non-small cell lung cancer.

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