Bristol-Myers' data on Yervoy and nivolumab causes a stir

Release of abstracts of presentations to be made at the forthcoming49th Annual Meeting of the American Society of Clinical Oncology (ASCO) meeting by US drug major Bristol-Myers Squibb (NYSE: BMY), notably extended follow-up from a Phase nivolumab study, results from Phase I nivolumab and Yervoy (ipilimumab; which was approved as a treatment for melanoma in 2011) combination study, and five-year survival data from four Phase II Yervoy studies, caused a great deal of excitement in the investment community.

The brief data indicated tumors shrinkage in 41% of patients with advanced melanoma, and in 53% of patients receiving the most effective dose combination. Tumors disappeared entirely in 10% of patient, Jedd Wolchok of New York's Memorial Sloan-Kettering Cancer Center and lead researcher, told a press briefing. B-MS stock hit a high of $45.59 at one point, and rose 4.5% to $44.15 on its most active day of trading since August, ahead of the release of the abstracts on Wednesday night.

$7 billion peak sales forecast